Tradeweb Sets IPO at 27.3 Million Shares Priced at $24 to $26 Each

   By Colin Kellaher 
 

Tradeweb Markets Inc. on Monday said it will sell about 27.3 million shares at $24 to $26 apiece in its initial public offering.

At the midpoint of the expected range, the trading-platform operator said it expects net proceeds of about $642.5 million, or roughly $738.9 million if the underwriters exercise their option to buy another 4.1 million shares.

Tradeweb said it will use the IPO proceeds to buy back LLC interests held by some of its bank stockholders and cancel the corresponding common shares.

Tradeweb is 46% owned by a consortium of 11 banks, 10 of whom are acting as underwriters on the deal.

Refinitiv will still own the majority of Tradeweb's voting power after the public offering. Refinitiv is the new name for Thomson Reuters Corp.'s (TRI) financial and risk business. Thomson Reuters sold a 55% stake in the business to Blackstone Group LP (BX) for $17 billion last year.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

March 25, 2019 07:35 ET (11:35 GMT)

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