NEW YORK, March 10 Trading firm Virtu Financial
Inc, which posted only one day of trading losses over the five
years ended 2013, plans to raise up to $100 million in an
initial public offering, the company said in a regulatory filing
Virtu said the IPO price was an estimate solely for the
purpose of calculating the registration fee with the Securities
and Exchange Commission.
The company, a market maker in equities, fixed income,
currencies and commodities markets, intends to list Class A
shares on Nasdaq under the symbol "VIRT." Virtu will have three
other share classes.
Goldman Sachs & Co., J.P. Morgan, Sandler O'Neill + Partners
LP are the underwriters for the offering, among others.
Vincent Viola, Virtu's founder and executive chairman, will
control more than a majority of the combined voting power of the
company's common stock after the offering.
Private equity firm Silver Lake Partners, which acquired its
stake in 2011, is the other major shareholder.
Last year the company paid out $433.4 million in cash
distributions to members.
Virtu said as a result of its real-time risk management
strategy and technology, the company had only one losing day of
trading from the beginning of 2009 through the end of 2013, a
total of 1,238 trading days.
Virtu reported a net income of $182.2 million on a revenue
of $623.7 million last year, an increase from earnings of $87.6
million on $581.5 million in revenue in 2012.
Virtu employs a "market neutral" strategy in which it is not
dependent on the direction of any particular market. The firm
aims to lock in returns through "precise and nearly
instantaneous hedging," the company said.
Virtu said it expected global electronic trading to continue
to grow, after experiencing a compound annual rate of 13.7
percent over the past decade, according to the World Federation