Here comes Tradeweb, the 3rd mega IPO of 2019 ...

  • Tradeweb will debut for trading Thursday on the Nasdaq.
  • Its initial public offering is set to raise over $US1 billion, making it the third mega IPO of 2019.
  • The electronic-trading platform will have a valuation of $US6 billion at its IPO price.
  • Shares will trade under the ticker TW.

Tradeweb Markets, an electronic exchange-trading platform, will raise nearly $US1.1 billion in an initial public offering on Thursday as the market for new issuances heats up. It will list on the Nasdaq under the ticker TW.

Shares priced at $US27 apiece Wednesday evening, above the $US24 to $US26 range that was expected. The better-than-expected pricing is an indication the IPO market remains hot despite the ride-sharing company Lyft’s early stumbles following its debut last week.

Tradeweb represents the second $US1 billion+ IPO of 2019, with more to follow. This year looks to be a banner one for the listing of so-called “unicorns,” or private tech companies with valuations of over $US1 billion. Two of these, Uber and Pinterest have already prepared filing documents.

Tradeweb will have 222 million shares outstanding following the IPO, giving the company a $US6 billion valuation at its IPO price. The company is owned by Refinitiv and a consortium of large banks which includes lead underwriters JPMorgan, Citigroup, Goldman Sachs, and Morgan Stanley.

A consortium led by Blackstone purchased a 55% stake in Refinitiv from Thomson Reuters in 2018, valuing the company at $US20 billion. Thomson Reuters retained the remaining 45% of the financial-data provider. Refinitiv is one of the few sizable companies to compete with financial-data titan Bloomberg.

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