Deals
Bats IPO Makes Exchange Built by Wall Street Public
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Bats Global Markets Inc., founded by a high-frequency trader and nurtured by the world’s top securities firms into the third-largest U.S. stock exchange operator, will seek more than $100 million for its owners today.
Bats plans to sell 6.3 million shares between $16 and $18 apiece after the close of trading, according to a filing yesterday with the Securities and Exchange Commission. Underwriters led by Morgan Stanley, Credit Suisse Group AG and Citigroup Inc. are pricing the shares at about 16.9 times estimated 2013 earnings, according to Diego Perfumo, an analyst at hedge fund adviser Equity Research Desk.