Tradeweb Markets plans to raise up to $709 million in IPO

FILE PHOTO - Lee Olesky, co-founder and CEO of Tradeweb Markets LLC., speaks at the Sandler O'Neill + Partners Global Exchange and Brokerage Conference in New York, U.S., June 6, 2018. REUTERS/Brendan McDermid

(Reuters) - Tradeweb Markets Inc, an electronic trading platform for bonds and derivative instruments, said on Monday it is planning to raise up to $709 million in an initial public offering.

The filing comes a few days after jeans maker Levi Strauss & Co’s blockbuster debut, while ride-hailing service providers Lyft Inc and Uber are set to pursue their much-anticipated listings. Investors anticipate this year as one of the most active years ever for share offers by technology companies.

The New York-based company, which has 222.2 million shares outstanding, said it expects to offer 27.3 million shares at a price of $24-$26 per share, the company said in a regulatory filing on Monday. []

The higher end of the indicative price range gives the company, which intends to list under the symbol “TW” on the Nasdaq, a market value of $5.78 billion.

Tradeweb Markets is 54 percent owned by Refinitiv, while the rest being held by a consortium of banks. Thomson Reuters, the parent company of Reuters News, owns 45 percent of Refinitiv, with private equity firm Blackstone owning the remainder.

J.P. Morgan, Citigroup, Goldman Sachs and Morgan Stanley are leading a 12-member underwriting team for the IPO.

Reporting by Bharath Manjesh in Bengaluru; Editing by James Emmanuel