Bats Global Markets (BATS) to be acquired by Chicago Board Option Exchange (CBOE) for $3.2 billion or $32.50 per share. (9/26/16)
Showing posts with label BATS. Show all posts
Showing posts with label BATS. Show all posts
Thursday, April 14, 2016
Bats Global Markets (BATS) confirms IPO pricing at $19/share
Friday, March 23, 2012
BATS Global Markets (BATS) cancels IPO after its errors derail trading
"We believe withdrawing the IPO is the appropriate action to take for our company and our shareholders," Chief Executive Joe Ratterman said in a statement. Asked if that meant Bats is no longer going public, company spokesman Randy Williams said, "Yes, that's correct."
Problem: BATS shares couldn't even trade on its own exchangeIn a breakdown that resembled a mini version of the 2010 "flash crash," a series of blunders hit the market debut of BATS Global Markets Exchange Inc on Friday, causing the company to take the extremely rare step of withdrawing its initial public offering of shares. Here’s the short statement from the company:
BATS Global Markets, Inc. (“BATS”) today announced it has withdrawn its planned initial public offering (IPO), which was scheduled to close on March 28, 2012.“Although our affected market has reopened, in the wake of today’s technical issues, which affected the trading of certain stocks, including that of BATS, we believe withdrawing the IPO is the appropriate action to take for our Company and our shareholders,” said Joe Ratterman, chairman, president and CEO of BATS Global Markets.
Dave Cummings, left, BATS founder; Joe Ratterman, right, BATS chairman and CEO
The problems Friday morning caused BATS shares briefly to trade for less than a penny, confusing investors and potentially threatening the future of the fledgling exchange itself.
The glitches also fouled a trade in shares of Apple Inc, the world's most valuable company, and caused a temporary halt in the stock.
Prices plunged shortly after BATS shares began their first day of trading on the BATS exchange, a start-up that in a few years has captured about 11 percent of U.S. equity market volume and 3 percent of equity options volume.
"The one thing they would have guarded against is the integrity of their platform on the day they went public," said Francis Gaskins, president of IPO research site IPOdesktop.com, in Los Angeles.
The exchange operator had priced 6.3 million shares at $16 per share late Thursday in an initial public offering sold by lead underwriters Citigroup Inc, Morgan Stanley and Credit Suisse Group. Several former or current Credit Suisse bankers serve on BATS' board, according to a BATS regulatory filing.
As trading began on Friday, BATS stock dipped to $15.25. Then extreme turbulence hit. A slew of bad trades at less than a penny sent the stock plunging. Though the trades were later voided, the plunge unnerved investors.
Around the same time, a bad trade for 100 shares of Apple also went through, triggering a circuit breaker that temporarily halted trading of Apple.
At 11:07 a.m. EDT the BATS exchange said it was investigating system issues with trading in symbols in the range "A" through "BF," which include Apple and BATS.
The trading snags also came on the same day The Wall Street Journal printed a front-page story saying BATS was the subject of an SEC probe of high-frequency trading.
More investigations against exchanges are pending, according to a person familiar with the matter. BATS, headed by 45-year-old Joe Ratterman, was formed in 2005 by major banks and trading firms looking to break the stranglehold that the NYSE and Nasdaq had on U.S. stock trading, forcing the traditional venues to modernize their technology.
Last November, BATS acquired pan-Europe equity exchange Chi-X Europe for $300 million to challenge that region's dominant exchanges with faster and cheaper trading services.
According to BATS' offering documents, the BATS exchange has an 11.3 percent share of the U.S. equity market and a 3.1 percent share of the U.S. equity options market. BATS was scheduled to be the first IPO to list on the exchange.
Its difficult debut on Friday led some traders to question whether the exchange is reliable to compete with its bigger rivals.
"I think some companies might say ‘If they can't handle the IPO of their own stock, how can they handle the IPO of our stock?'" said Dennis Dick, a Detroit-based market structure consultant and trading member at Bright Trading LLC. "There is going to be a confidence issue of listing on BATS."
BATS Global Markets (BATS) started trading on 23 March 2012
BATS Global Markets, which operates the third largest securities exchange in the US, announced terms for its IPO on Monday. The Lenexa, KS-based company plans to raise $107 million by offering 6.3 million shares (100% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, BATS Global Markets would command a market value of $817 million. BATS Global Markets, which was founded in 2005 and booked $927 million in sales in 2011, plans to list on one of its own exchanges, the BZX, under the symbol BATS. Morgan Stanley, Citi and Credit Suisse are the lead underwriters on the deal.
BATS operates two stock exchanges in the U.S., the BZX Exchange and the BYX Exchange (The BATS Exchanges), which currently account for about 10-12% of all U.S. equity trading on a daily basis.
BATS website
Monday, March 19, 2012
March IPO calendar : 8 IPOs were priced
March is poised to have its busiest month since 2007 as eight companies set terms this week. There are 13 deals on the IPO calendar for the next two weeks. If all are completed, March could have 19 IPOs, topping the 17 IPOs completed in March of 2007.
BATS Global Markets, which operates the third largest securities exchange in the US, announced terms for its IPO on Monday. The Lenexa, KS-based company plans to raise $107 million by offering 6.3 million shares (100% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, BATS Global Markets would command a market value of $817 million. BATS Global Markets, which was founded in 2005 and booked $927 million in sales in 2011, plans to list on one of its own exchanges, the BZX, under the symbol BATS. Morgan Stanley, Citi and Credit Suisse are the lead underwriters on the deal.
Regional Management Corp., which provides an array of loan products to customers with limited access to traditional lenders, announced terms for its IPO on Monday. The Greenville, SC-based company plans to raise $76 million by offering 4.2 million shares (33% insider) at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Regional Management would command a market value of $226 million. Regional Management, which was founded in 1987 and booked $105 million in sales in 2011, plans to list on the NYSE under the symbol RM. Jefferies, Stephens, JMP Securities, and BMO Capital Markets are the lead underwriters on the deal.
Enphase Energy, which delivers a semiconductor-based system that increases solar energy production, announced terms for its IPO on Monday. The Petaluma, CA-based company plans to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Enphase Energy will command a fully diluted market value of $435 million. Since inception, Enphase has raised over $115 million in venture capital to help develop its unique, chip-based microinverter system, which includes a communications gateway and web-based software to monitor system performance. Backers include Third Point Ventures (the venture arm of Daniel Loeb's Third Point hedge fund), RockPort Capital, Madrone Partners (affiliated with the Walton family), Kleiner Perkins Caufield & Byers (KPCB), Applied Ventures and Bay Ventures, who will collectively own over 60% of the company following the IPO.
Enphase Energy, which was founded in 2006 by semiconductor and telecom equipment alums, booked $150 million in sales in 2011. The company plans to list on the NASDAQ under the symbol ENPH. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank Securities are joint-bookrunning managers on the deal. Jefferies, Lazard and ThinkEquity are serving as co-managers.
Vocera Communications, which provides mobile communication solutions for hospitals and health care facilities, announced terms for its IPO on Tuesday. The San Jose, CA-based company plans to raise $75 million by offering 5.8 million shares (13% insider) at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Vocera Communications would command a market value of $320 million. Vocera Communications, which was founded in 2000 and booked $80 million in sales in 2011, plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal.
CafePress, which operates an e-commerce site where customers create, buy and sell personalized products, announced terms for its IPO on Wednesday. The San Mateo, CA-based company plans to raise $77 million by offering 4.5 million shares (44% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, CafePress would command a market value of $303 million. Venture capital firm Sequoia Capital is not selling and will own 17% of shares after the offering.
CafePress, which was founded in 1999 and booked $175 million in 2011 sales, plans to list on the NASDAQ under the symbol CPRS. J.P. Morgan and Jefferies are the joint bookrunners on the deal.
Millennial Media, which operates the leading independent mobile advertising platform, announced terms for its IPO on Thursday. The Baltimore, MD-based company plans to raise $102 million by offering 10.2 million shares (10% insider) at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Millennial Media would command a market value of $818 million. Venture backers include Bessemer Venture Partners (18% post-IPO stake), Columbia Capital (18%), Charles River Ventures (14%) and New Enterprise Associates (15%); none are selling on the IPO.
Millennial Media, which was founded in 2006, booked $104 million in sales last year, more than double the $47 million booked in 2010. The company plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman, Sachs & Co. and Barclays Capital are the bookrunners on the deal.
Luca Technologies, which uses biotechnology to create and sustainably produce natural gas, announced terms for its IPO on Thursday. The Golden, CO-based company plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Revenue in 2011 was $1 million, down 56% from 2010 and down 80% from 2008. Luca Technologies, which was founded in 2003, plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.
Annie's, which is a leading organic food company that offers over 125 products, including a signature macaroni and cheese, announced terms for its IPO on Friday. The Berkeley, CA-based company plans to raise $75 million by offering 5 million shares (79% insider) at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Annie's would command a market value of $263 million. Annie's, which was founded in 1989 and booked $135 million in sales in 2011, plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
The 6 IPOs that have been priced this month are all trading above their offer prices. Demandware is the best performer of this group, closing up 48% in its first day of trading yesterday. Yelp trails closely, posting a 45% return since its March 2nd debut. The IPO market has shown strong returns so far this year. The FTSE Renaissance US IPO Index is up 19% year-to-date.
BATS Global Markets, which operates the third largest securities exchange in the US, announced terms for its IPO on Monday. The Lenexa, KS-based company plans to raise $107 million by offering 6.3 million shares (100% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, BATS Global Markets would command a market value of $817 million. BATS Global Markets, which was founded in 2005 and booked $927 million in sales in 2011, plans to list on one of its own exchanges, the BZX, under the symbol BATS. Morgan Stanley, Citi and Credit Suisse are the lead underwriters on the deal.
Regional Management Corp., which provides an array of loan products to customers with limited access to traditional lenders, announced terms for its IPO on Monday. The Greenville, SC-based company plans to raise $76 million by offering 4.2 million shares (33% insider) at a price range of $17.00 to $19.00. At the midpoint of the proposed range, Regional Management would command a market value of $226 million. Regional Management, which was founded in 1987 and booked $105 million in sales in 2011, plans to list on the NYSE under the symbol RM. Jefferies, Stephens, JMP Securities, and BMO Capital Markets are the lead underwriters on the deal.
Enphase Energy, which delivers a semiconductor-based system that increases solar energy production, announced terms for its IPO on Monday. The Petaluma, CA-based company plans to raise $80 million by offering 7.3 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Enphase Energy will command a fully diluted market value of $435 million. Since inception, Enphase has raised over $115 million in venture capital to help develop its unique, chip-based microinverter system, which includes a communications gateway and web-based software to monitor system performance. Backers include Third Point Ventures (the venture arm of Daniel Loeb's Third Point hedge fund), RockPort Capital, Madrone Partners (affiliated with the Walton family), Kleiner Perkins Caufield & Byers (KPCB), Applied Ventures and Bay Ventures, who will collectively own over 60% of the company following the IPO.
Enphase Energy, which was founded in 2006 by semiconductor and telecom equipment alums, booked $150 million in sales in 2011. The company plans to list on the NASDAQ under the symbol ENPH. Morgan Stanley, BofA Merrill Lynch and Deutsche Bank Securities are joint-bookrunning managers on the deal. Jefferies, Lazard and ThinkEquity are serving as co-managers.
Vocera Communications, which provides mobile communication solutions for hospitals and health care facilities, announced terms for its IPO on Tuesday. The San Jose, CA-based company plans to raise $75 million by offering 5.8 million shares (13% insider) at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Vocera Communications would command a market value of $320 million. Vocera Communications, which was founded in 2000 and booked $80 million in sales in 2011, plans to list on the NYSE under the symbol VCRA. J.P. Morgan and Piper Jaffray are the joint bookrunners on the deal.
CafePress, which operates an e-commerce site where customers create, buy and sell personalized products, announced terms for its IPO on Wednesday. The San Mateo, CA-based company plans to raise $77 million by offering 4.5 million shares (44% insider) at a price range of $16.00 to $18.00. At the midpoint of the proposed range, CafePress would command a market value of $303 million. Venture capital firm Sequoia Capital is not selling and will own 17% of shares after the offering.
CafePress, which was founded in 1999 and booked $175 million in 2011 sales, plans to list on the NASDAQ under the symbol CPRS. J.P. Morgan and Jefferies are the joint bookrunners on the deal.
Millennial Media, which operates the leading independent mobile advertising platform, announced terms for its IPO on Thursday. The Baltimore, MD-based company plans to raise $102 million by offering 10.2 million shares (10% insider) at a price range of $9.00 to $11.00. At the midpoint of the proposed range, Millennial Media would command a market value of $818 million. Venture backers include Bessemer Venture Partners (18% post-IPO stake), Columbia Capital (18%), Charles River Ventures (14%) and New Enterprise Associates (15%); none are selling on the IPO.
Millennial Media, which was founded in 2006, booked $104 million in sales last year, more than double the $47 million booked in 2010. The company plans to list on the NYSE under the symbol MM. Morgan Stanley, Goldman, Sachs & Co. and Barclays Capital are the bookrunners on the deal.
Luca Technologies, which uses biotechnology to create and sustainably produce natural gas, announced terms for its IPO on Thursday. The Golden, CO-based company plans to raise $102 million by offering 8.5 million shares at a price range of $11.00 to $13.00. At the midpoint of the proposed range, Luca Technologies would command a market value of $352 million. Revenue in 2011 was $1 million, down 56% from 2010 and down 80% from 2008. Luca Technologies, which was founded in 2003, plans to list on the NASDAQ under the symbol LUCA. Citi, Piper Jaffray and Raymond James are the joint bookrunners on the deal.
Annie's, which is a leading organic food company that offers over 125 products, including a signature macaroni and cheese, announced terms for its IPO on Friday. The Berkeley, CA-based company plans to raise $75 million by offering 5 million shares (79% insider) at a price range of $14.00 to $16.00. At the midpoint of the proposed range, Annie's would command a market value of $263 million. Annie's, which was founded in 1989 and booked $135 million in sales in 2011, plans to list on the NYSE under the symbol BNNY. Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
The 6 IPOs that have been priced this month are all trading above their offer prices. Demandware is the best performer of this group, closing up 48% in its first day of trading yesterday. Yelp trails closely, posting a 45% return since its March 2nd debut. The IPO market has shown strong returns so far this year. The FTSE Renaissance US IPO Index is up 19% year-to-date.
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