Bats Resurrects IPO Plan Three Years After a Botched Attempt
Bats Global Markets Inc., which runs U.S. and European stock markets, resurrected
plans for an initial public offering three-and-a-half years after an error in the
company’s trading software wrecked a previous attempt to list its shares.
Our Take: It’s been clear for some time that BATS was gearing up for another try at going public, after a much-publicized technological glitch forced the company to
withdraw its 2012 IPO just as its shares were set to begin secondary trading. The
company is electing once again to list its shares on its own BZX exchange, which has never
successfully executed a corporate IPO (though it does list dozens of exchange-traded
products). And it is taking steps to ensure the IPO auction goes smoothly. In the days since
the IPO news broke it has announced plans to enhance Limit Up Limit Down functionality
to reduce volatility around IPO auctions and and simplify its IPO auction process by reducing the number of
acceptable order types during these auctions.
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