Nearly $1.3 billion gathered by IPO by UK firm Markit
June 19, 2014 4:11 am
London based data provider Markit successfully held an initial public offering (IPO) on Wednesday and was able to raise $1.28 billion in shares. The amount reached was helped by the decision to increase their IPO size that allowed the company to sell 53.5 million shares instead of the initial objective of 45.7 million. Each share was priced at the $24 midpoint of the $23-$25 range given near the start of June allowing Markit to earn a $4.5 billion market capitalization with its listing on Nasdaq.
The 11 year old company founded in London is among the world’s most popular entities when it comes to providing and processing advanced data on today’s markets. Last year it posted revenues in the amount of $948 million and profits of $139 million as well as managing to acquire other technology companies focused on financial markets along the way.
Among the first services to be offered by the company was the pricing of credit derivatives. However, in the present time, it has started to oversee pricing and valuation for valuable data on the market as well as services that have become more in demand after the financial crisis such as risk forecasts and over the counter derivatives processing.
While it still has to contend with major competitors Thomson Reuters, Bloomberg, and IBM Analytics, Markit’s growth and current market valuation will help towards their goal of unifying its industry that has been as fragmented as it is growing.
The material has been provided by InstaForex Company – www.instaforex.com
London based data provider Markit successfully held an initial public offering (IPO) on Wednesday and was able to raise $1.28 billion in shares. The amount reached was helped by the decision to increase their IPO size that allowed the company to sell 53.5 million shares instead of the initial objective of 45.7 million. Each share was priced at the $24 midpoint of the $23-$25 range given near the start of June allowing Markit to earn a $4.5 billion market capitalization with its listing on Nasdaq.
The 11 year old company founded in London is among the world’s most popular entities when it comes to providing and processing advanced data on today’s markets. Last year it posted revenues in the amount of $948 million and profits of $139 million as well as managing to acquire other technology companies focused on financial markets along the way.
Among the first services to be offered by the company was the pricing of credit derivatives. However, in the present time, it has started to oversee pricing and valuation for valuable data on the market as well as services that have become more in demand after the financial crisis such as risk forecasts and over the counter derivatives processing.
While it still has to contend with major competitors Thomson Reuters, Bloomberg, and IBM Analytics, Markit’s growth and current market valuation will help towards their goal of unifying its industry that has been as fragmented as it is growing.
The material has been provided by InstaForex Company – www.instaforex.com