- Tradeweb will debut for trading Thursday on the Nasdaq.
- Its initial public offering is set to raise over $1 billion, making it the third mega IPO of 2019.
- The electronic-trading platform will have a valuation of $6 billion at its IPO price.
- Shares will trade under the ticker TW.
Tradeweb Markets, an electronic exchange-trading platform, will raise nearly $1.1 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 $27 apiece Wednesday evening, above the $24 to $26 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 $1 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 $1 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 $6 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 $20 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.