Markit, a UK-based financial services information provider, has filed for an initial public offering in New York that could raise up to $750m, and several of its shareholders will act as underwriters.
The company has not finalised the number of shares it plans to issue or the price at which they will be available. Markit itself will not raise any money from the IPO and the net proceeds will go to the selling shareholders.
Founded in 2003, Markit provides a range of financial data services, including data analysis, derivatives processing, foreign exchange and loans, and valuations. It made a $230m operating profit in 2013 from revenues of $948m.
Although exact stakes were not revealed in the fling, financial services firms Bank of America, Deutsche Bank, Goldman Sachs and JP Morgan Chase each own stakes of 5% or more, and the latter three are among the 14 underwriters for the offering.
Other notable shareholders include Esta Investments, a subsidiary of Temasek that reportedly paid about $500m for a 10% stake in the company in 2013, and growth equity firm General Atlantic Partners, which paid $250m for a 7.5% stake in 2010, according to the Wall Street Journal.