US-based electronic trading platform operator FXall set the range for its initial public offering (IPO) between $13.50 and $15.50 on Friday. FXall is planning to issue 5.2 million shares when it floats.
FXall is expecting to raise about $63m from the offering, all of which will go towards the stockholders as a return on their investment.
FXall’s largest shareholder, venture capital firm Technology Crossover Ventures, is holding on to its 28.1% share. However, FXall is backed by a further ten financial services firms, each holding 5.1% of FXall’s stock, and eight will make partial exits in the offering.
Morgan Stanley Fixed Income Ventures, Royal Bank of Scotland, HSBC USA, Goldman Sachs, Credit Suisse and Citigroup are each divesting 506,000 shares and will be left with 3.3% post-IPO.
BNP Paribas’ share is set to stand at 3.9% of FXall’s stock, and Banc of America Strategic Investments 4.0%. LabMorgan and Credit Agricole’s stakes will remain at 5.1%.
FXall runs an electronic foreign exchange platform that allows more than 1,000 institutions across the world to trade on its market. Based in the US, FXall operates through eight offices that span North America, Europe, Asia and Australia.
According to financial data included in the filing, FXall made an $18.3m profit in the nine months leading up to September, from revenues of $88.7m. The figures were up from $16.0m and $73.5m respectively, year-on-year.
The news came days after FXall announced a number of executive appointments, hiring Susan Gammage as Head of Americas Active Trading Sales, Indu Maheshwari as Head of Trading Operations and Strategic Initiatives, and Jody Tracey as Chief Human Resources Officer.