Citing reliable sources I can say that Gain Capital’s long planned and expected IPO should take place tomorrow. If nothing unexpected happens its shares will be registered for trading on NYSE under the GCAP symbol.
Gain prices its stock at $14 and intends to raise $154 million giving the company a $434 million value – much lower than WSJ’s earlier estimate of $535 million. Most of the proceeds will go to existing shareholders.
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Comparison to FXCM is unavoidable – FXCM successfully completed its IPO two weeks ago raising $210 million and giving the company a $1.05 billion value. FXCM’s shares however slipped more than 8% since the IPO and share price which was worth $14 at the IPO and rose to $15 on the next day is now worth $13.1 thus giving it a market cap of $980 million – still twice that of Gain. This of course doesn’t serve Gain’s cause that well.