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Actions of Tradeweb Markets (TW) jumped about 32% on Thursday with a much needed initial public offering. Tradeweb's IPO raised $ 1.08 billion.
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Tradeweb has set stock prices at 27, above the top of its estimated range of $ 24 to $ 26. Tradeweb shares opened at 34.26 for an initial gain of 27%. Shares closed at 35.81, up 32.6% on the stock market today.
The demand for shares by institutional investors was high. It offered 40 million shares, nearly 13 million more than originally planned.
Tradeweb's clients include global asset managers, hedge funds, insurance companies, banks, brokerage firms and financial advisors. Tradeweb facilitates trading across a range of asset classes including rates, credit, money markets and equities. The company is based in New York and has more than 2,500 customers.
The company is already profitable and its turnover has increased at a double-digit rate. Revenues of $ 178.6 million in the fourth quarter increased 56% over the same period last year. Net profit was $ 29.3 million. Per share, the adjusted profit of 23 cents represents an increase of 21% over the same period of the previous year.
"We support our customers by providing solutions throughout the entire business lifecycle, including pre-trade, execution, post-trade and data," said the company in its portfolio. 39, IPO. "Our marketplaces provide significant cash reserves with average daily trading volume for 2018 of more than $ 549 billion for more than 40 products."
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more information on technology stocks, analysis and financial markets.
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