June 3 Financial information service provider
Markit Ltd said it expected its IPO to be priced at
$23-$25 per share, which could value the company at up to $4.47
The company, which competes with Bloomberg and Thomson
Reuters Corp , said selling shareholders,
including certain employees and members of the management, were
offering 45.7 million common shares. (link.reuters.com/zaz79v)
The IPO could raise as much as $1.14 billion.
The company intends to list its common stock on the Nasdaq
under the symbol "MRKT".
Markit, founded by Canadian Lance Uggla in 2001, provides
pricing and reference data, indices and valuation services. It
has more than 3,000 institutional customers globally, including
banks, hedge funds and asset managers.
Markit Group Holdings Ltd Employee Benefit Trust is the
largest shareholder with about 12.46 percent, followed by
private equity firm General Atlantic with 11.5 percent. After
the offering the Trust's stake will drop to 12.35 percent while
General Atlantic will hold about 11.41 percent.
Singapore state investor Temasek Holdings Pte Ltd
holds about 10.47 percent in Markit through its wholly owned
subsidiary Esta Investments Pte Ltd.
The company also counts Bank of America Corp,
Deutsche Bank AG and Goldman Sachs Group Inc
among major stockholders.
These firms also use Markit's financial data and trade
processing services primarily for the credit market.
Markit's profit attributable to equity holders fell about
21.5 percent to $39.8 million for the three months ended March
31. Revenue rose about 14 percent to $259.4 million.
BofA Merrill Lynch, Barclays, Citigroup and Credit Suisse
were among the lead underwriters for the offering.
(Reporting By Sudarshan Varadhan in Bangalore; Editing by Don