BATS withdraws IPO after botched up pricing

BATS a leading US equities exchange has withdrawn its initial public offering after an embarrassing glitch in the system which

BATS a leading US equities exchange has withdrawn its initial public offering after an embarrassing glitch in the system which priced NASDAQ A and B shares incorrectly. The error took over two hours to fix.

BATS board of directors decided to withdraw the IPO as the projected share price took a major down turn. The IPO was priced in at $16 per share however after the dismay it went as low as $4.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

BATS originally started as an ECN offering traders an alternative executing venue, it became popular after 2007 and currently has around 10-12% market share in US.

Suggested articles

Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>

The firm was intending to raise $100 million in the IPO.

BATS is based in Kansas City, USA with offices in London and New York. The firm employs over 200 people and generated revenue of $926 million in 2011.

Leading FX ECN FXall successfully filed an IPO.

Got a news tip? Let Us Know