The number of shares to be sold and the indicative price range it’s considering offering the shares at, has not yet been determined. Bank of America Merrill Lynch, Goldman Sachs, Citigroup and JPMorgan are acting as joint book-running managers for the IPO. Morgan Stanley, UBS, Raymond James & Associates and Sandler O’Neill & Partners are acting as co-managers.
FXall’s platforms combined, account for nearly one-third of the multi-dealer market; the firm registered a market share of 28.6% in Euromoney’s 2011 FX Survey. In the second-quarter the company reported a 37% increase in average daily volumes from the same period a year ago, while registering a record daily volume of $140 billion on July 27.
The company, which was founded in 2000 by BofA, Credit Suisse First Boston, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley Dean Witter and UBS Warburg, has more than 1,000 buy side clients, equally split between corporate, asset managers, banks and brokers and active traders, such as hedge funds and CTAs.
FXall’s largest shareholder is Technology Crossover Ventures (TCV), which holds a 28.1% stake in the company, followed by is CEO Philip Weisberg with 6.8%, according to the SEC documents. BofA, BNP Paribas, Credit Agricole, Credit Suisse, Citi, HSBC, Goldman, Morgan Stanley, JPMorgan and Royal Bank of Scotland all own a stake of 5.1%.