Derivatives, Fixed Income Giant Tradeweb Files for IPO

The move comes less than a year after the firm's parent company, Refinitiv, was acquired by the Blackstone Group

Fixed income and derivatives technology company Tradeweb is going public.

On Thursday, the company filed for a US public offering with the Securities and Exchange Commission.

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The IPO is going to be led by JP Morgan, Goldman Sachs, Citigroup, and Morgan Stanley according to that regulatory filing.

A report published by Bloomberg, citing unnamed sources, said that Tradeweb is likely to be valued at around $5 billion.

In 2018, the company had a net income of $159.5 million and revenue of $684.4 million. That was compared to $83.6 million in net income on revenue of $563 million in 2017.

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Refinitiv to stay in control

Refinitiv currently controls 51 percent of Tradeweb, with the remaining 49 percent split between 11 different banks.

Formerly the financial and risk business of Thomson Reuters, Refinitv was itself acquired by the Blackstone Group last year in a deal valued at $17 billion.

Refinitiv will continue to maintain its controlling interest in Tradeweb after the IPO has taken place.

Thursday’s news comes on the heels of an announcement that two of Tradeweb’s lead executives were paid a combined bonus of $38 million in 2018.

Company CEO Lee Olesky received $22.7 million for his work – including a $6.4 million cash bonus and stock options.

Similarly, Tradeweb’s President, Billy Hult, received $15.6 million, with a cash bonus of $5.7 million.

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