Bats Global Markets second IPO attempt exceeds expectations

Bats Global Markets beats its $244 million IPO target, raising a total of $252.7 million.

Bats Global Markets’ initial public offering (IPO) has raised $252.7 million following the sale of 13.3 million shares, priced at $19.00 per share.

The exchange operator initially targeted $244 million in its IPO filing earlier this month, by selling 11.2 million shares of common stock.

A statement released by Bats Global Markets revealed the details of the IPO, which is expected to close on 20 April.

Shareholders selling include BAML, Citigroup and Goldman Sachs.

Bats Global Markets said: “Certain selling shareholders have also granted the underwriters a 30-day option to purchase up to an additional 1,995,000 shares.”

The news suggests improved investor confidence in IPOs, following recent market volatility.

In 2012, Bats Global Markets attempted its first IPO but withdrew it due to a technical glitch and plummeting share prices.

It initially priced 6.3 million shares in its first IPO offered at $16 per share, but as trading began its stock fell to $15.25, unnerving investors.

The exchange operator has expanded its services following a global rebrand, which saw it drop the Chi-X name from its European trading platform earlier this year.