UK-based financial services data company Markit has set the range for its forthcoming initial public offering on Nasdaq between $23.00 and $25.00 per share, and could raise up to $1.14bn when it goes public.
Markit will issue just over 45.7 million shares, with the upper end of the range markedly higher than the initial target of $750m, set when the company originally filed for the offering in early May.
Although General Atlantic Partners and Esta Investments, Markit’s two largest shareholders behind a Markit employees benefit trust with 11.5% and 10.5% shares respectively, will hold on to their shares, several of the banks that make up its shareholders plan to divest stock in the IPO.
Bank of America will offer just over seven million shares, which could net it more than $175m if Markit floats at the top of its range. Goldman Sachs, Deutsche Bank and JPMorgan Chase could similarly receive returns ranging between $107m and $124m.
All four of the banks in question are also among the 14 firms acting as underwriters for the IPO, though precise details concerning which underwriters will buy from which selling shareholders have seemingly not yet been determined, according to the accompanying filing.