GAIN Capital Holdings Announces Pricing of Its IPO
It looks like some people misread the offering reports and thought Gain was offering only 400k shares, whereas it is
It looks like some people misread the offering reports and thought Gain was offering only 400k shares, whereas it is issuing 400k shares and existing shareholders are selling 8.5million shares so in total almost 9 million shares are to be sold in this offering.
The price however was reduced and Gain will raise $81 million putting the company value at only $279 million (if I remember correctly it had 31 million shares in total).
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NEW YORK, December 15, 2010 – GAIN Capital Holdings Inc., a global provider of online foreign exchange (forex or FX) trading and related services, including contracts- for -difference (CFDs) trading, announced today its initial public offering of 9,000,000 shares of its common stock at a price to the public of $9.00 per share. The shares will begin trading today, December 15, 2010, on the New York Stock Exchange under the ticker symbol “GCAP.”
GAIN Capital Holdings Inc. is offering 407,692 shares of common stock and its selling stockholders are offering 8,592,308 shares of common stock. In addition, certain selling stockholders have granted the underwriters an option to purchase up to 1,350,000 additional shares of common stock to cover over-allotments, if any. GAIN Capital Holdings Inc. will not receive any proceeds from the sale of shares by the selling stockholders.
Morgan Stanley and Deutsche Bank Securities are acting as joint book-running managers for the offering. JMP Securities LLC, Raymond James and Sandler O’Neill + Partners, L.P. are acting as co-managers.
The offering of these securities will be made only by means of a prospectus, which may be obtained from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: (866) 718-1649 or by emailing prospectus@morganstanley.com; and Deutsche Bank Securities, 100 Plaza One, Jersey City, New Jersey 07311, telephone: (800) 503-4611, or by emailing prospectusrequest@list.db.com. The prospectus also may be obtained on the Securities and Exchange Commission’s Web site at http://www.sec.gov.
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A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation pr sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About GAIN Capital
GAIN Capital Holdings, Inc. is a global provider of online foreign exchange (forex or FX) trading and related services, including contracts-for-difference (CFDs) trading . Customers and trading partners in more than 140 countries have utilized the company’s award-winning trading platform.
GAIN Capital provides execution, clearing, custody and technology products and services to an institutional client base including asset managers, broker/dealers and other financial services firms. GAIN also operates FOREX.com, one of the largest and best-known brands in the retail forex industry.
With offices in New York City; Bedminster, New Jersey; London; Sydney; Hong Kong; Tokyo and Seoul, GAIN Capital and its affiliates are regulated by the Commodity Futures Trading Commission (CFTC) in the United States, the Financial Services Authority (FSA) in the United Kingdom, the Financial Services Agency (FSA) in Japan, the Securities and Futures Commission (SFC) in Hong Kong, and the Australian Securities and Investments Commission (ASIC) in Australia.
For company information, visit www.gaincapital.com or www.forex.com.
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This means that no fresh capital is added to the company – the 400K of shares that the company sells go to cover expenses, and the rest goes to existing shareholders.
This means that no fresh capital is added to the company – the 400K of shares that the company sells go to cover expenses, and the rest goes to existing shareholders.
Kelvin – GFT also has IB/partner relationships which could be of interest
Kelvin – GFT also has IB/partner relationships which could be of interest
This is not how most start-ups IPO.
IPO is about raising money from the public and not about liquidating existing investors and it sends a very bad message that so many shares of existing investors are sold on the IPO date.
In most start-ups there is a restrictions to convert employees and investors shares to public shares for at least 6 months.
— Asaf.
This is not how most start-ups IPO.
IPO is about raising money from the public and not about liquidating existing investors and it sends a very bad message that so many shares of existing investors are sold on the IPO date.
In most start-ups there is a restrictions to convert employees and investors shares to public shares for at least 6 months.
— Asaf.
There is a big difference in perception of the public when the investors quickly sell off a large portion of their holdings right at the IPO and when Investors slowly liquidate their holdings while the company grows after the IPO.
If you ask me this is pretty pathetic and I feel bad for the good people that work there.
— Asaf.
There is a big difference in perception of the public when the investors quickly sell off a large portion of their holdings right at the IPO and when Investors slowly liquidate their holdings while the company grows after the IPO.
If you ask me this is pretty pathetic and I feel bad for the good people that work there.
— Asaf.