Markit climbs after expanded IPO brings in $1.28B
New York • Shares of Markit jumped after the financial information company's initial public offering raised $1.28 billion.
Markit increased its offering to 53.5 million shares from 45.7 million shares, and the IPO was priced at $24 a share. All of the shares are being sold by company stockholders, so Markit won't get any of the proceeds from the IPO.
The stock rose $2.64, or 11 percent, to $26.64 in late morning trading Thursday on the Nasdaq stock market.
Underwriters of the IPO can buy another 8 million shares to cover over allotments.
Markit Ltd. is the world's largest provider of bond information and derivatives trade processing. The company says it has more than 3,000 customers including banks, hedge funds, asset managers, accounting firms, regulators, corporations, and central banks.
Markit is incorporated in Bermuda and has its headquarters in London.