Tradeweb IPO Market Success 2019: Raises $1.1 Billion in the Second-Largest IPO in U.S. This Year

Succeeding the increase of the number of shares Tradeweb is selling and pricing them higher than the marketed range, Tradeweb Markets Inc. eventually raised $1.1 billion in this years’ no. 2 initial public offering.

According to Bloomberg, the trading platform sold over 400 million shares at $27 each on Wednesday. It is stated that they anticipated selling 27.3 million shares ranging from $24 to $26 apiece, they later decided to increase the quantity of offering to 36.25 million shares – intending to reclaim more stocks held by its bank investors.

Tradeweb Aims to Purchase Shares From Large Banks

In conformity to the company’s registration statement filed with the Securities and Exchange Commission, Tradeweb are planning to utilize the proceeds by purchasing shares held by 8 of the 11 established banks that hold stakes in the company. It includes the Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley, and UBS Group AG.

2019 is a Hit for the U.S. IPOs

Notwithstanding the slow-moving foundation, surprisingly, 2019 turned out to be a successful year for the U.S. IPOs.

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The biggest listing for this year is Lyft Inc.’s $2.34 billion worth of initial public offering, followed by Tradeweb, and Strauss & Co.’s $623 offering in February ranked third on the list. In addition, the IPO conducted by Tradeweb is currently the largest financial services company in the U.S., preceding the online lender GreenSky Inc. that has gained $874 million in May.

Tradeweb Handles $549 Billions Worth of Daily Trades

Tradeweb is founded in 1996. It creates and operates electronics markets for trading government funds, derivatives, exchange-traded funds, and other financial operations over the counter.

Based on its IPO prospectus, the company handles an average of $549 billion daily.

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One of its largest bank investors such as JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs, and Morgan Stanley led the offering. According to the statement, Tradeweb will operate the trade under the symbol “TW” on the Nasdaq Global Select Market.

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