News Column

Markit files for IPO valued at $750M

May 5, 2014

NEW YORK (AP) Financial information company Markit on Monday filed for an initial public offering worth up to $750 million.

The company said it will not receive any proceeds from the offering. That's because all of the shares in the offering will be sold by Markit stockholders, including some employees and members of management.

The company said the $750 million figure was used to calculate a filing fee and could change.

Markit Ltd.'s offerings include pricing and reference data, indices, valuation, trading services, processing services, and software. The company says it has more than 3,000 customers including banks, hedge funds, asset managers, accounting firms, regulators, corporations, and central banks.

Markit has its headquarters in London and is incorporated in Bermuda. The company reported a profit of $139.4 million attributable to equity holders in 2013, up 12 percent from the year before. Its revenue grew 10 percent to $947.9 million.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Associated Press