As window of opportunity continues to present itself, is it a good time to go public?
US-based institutional market maker Virtu Financial has this week unveiled its intentions to raise approximately $100 million via its issuing of an initial public offering (IPO) which was filed with the Securities and Exchange Commission on Monday this week, adding to the current surge of intent for firms in the currency industry heading toward public company status.
The company has gained an industry-wide reputation for operating within the equities space, however within the IPO filing, it is clear that equities only account for half of the company’s overall business, with FX representing a considerable proportion of the firm’s net trading income, making up 17% of total revenue in 2011, 14% in 2012 and 20% last year.
This particular IPO is being underwritten by major financial institutions Goldman Sachs and J.P. Morgan, along with Sandler O’Neill & Partners LP, with assistance from other entities, according to the filing.
Should the transaction take place successfully, Vincent Viola, founder of Virtu Financial, will maintain an interest which will be greater than majority the combined voting power of the company’s common stock, which bearing in mind the firm’s net income of $182.2 million during 2013, indicates the path to a substantial future asset.
