BATS a leading US equities exchange has withdrawn its initial public offering after an embarrassing glitch in the system which priced NASDAQ A and B shares incorrectly.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.
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.
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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.