Tradeweb Aims for $5.8 Billion Valuation in Upcoming Nasdaq IPO

(Bloomberg) -- Tradeweb Markets Inc. is aiming to raise as much as $709.8 million in a U.S. initial public offering that could value the bond and derivative platform at up to $5.8 billion.

Tradeweb, which began its IPO roadshow Monday, is marketing 27.3 million shares for $24 to $26 each, according to a regulatory filing. The listing, on the Nasdaq Global Select Market, is being led by JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley.

The company is part-owned by financial-data platform Refinitiv, which will continue to hold 62.4 percent of voting power after the share sale. Blackstone Group LP acquired 55 percent of Refinitiv for $17 billion last year with co-investors Canada Pension Plan Investment Board and GIC, Singapore’s sovereign-wealth fund.

Activity in the U.S. market for public offerings is heating up after the partial government shutdown heralded a slow start to 2019. Lyft Inc. is aiming to raise as much as $2.1 billion on March 28, while its larger ride-sharing rival, Uber Technologies Inc., is expected to submit its public filing in April for an IPO on the New York Stock Exchange that could value it at as much as $120 billion.

Image-searching site Pinterest Inc. filed for its own listing Friday, with food-delivery company Postmates Inc. and Slack Technologies Inc. expected to follow suit this year.

At the top of the marketed price range, Tradeweb’s IPO could be the second largest on a U.S. exchange so far this year, behind only Lyft. Iconic jeansmaker Levi Strauss & Co. raised $623 million in its IPO last week, and shares are up more than 30 percent since it started trading.

Bloomberg LP, the parent company of Bloomberg News, competes with Thomson Reuters and Refinitiv in providing news, data and information to the financial industry. Tradeweb’s shares will trade under the symbol TW.

To contact the reporters on this story: Nick Lichtenberg in New York at nlichtenberg@bloomberg.net;Elizabeth Fournier in New York at efournier5@bloomberg.net

To contact the editors responsible for this story: Chakradhar Adusumilli at cadusumilli@bloomberg.net, ;Aaron Kirchfeld at akirchfeld@bloomberg.net, Elizabeth Fournier, Matthew Monks

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