Markit reveals plans for US float

Tuesday 06 May 2014 10.41
Markit planning partial stock market flotation in New York
Markit planning partial stock market flotation in New York

Britain's financial data and research group Markit unveiled plans today for a partial stock market flotation in New York. 

London-based Markit will seek to raise fresh capital in an initial public offering (IPO), the firm said in a filing published overnight. 

That had been lodged confidentially with the Securities and Exchange Commission (SEC) earlier this year. 

The company is known outside specialist financial circles in particular because it publishes the outcome of monthly surveys on such leading economic indicators as purchasing managers' intentions and business confidence.

This data can have a big and immediate effect on financial markets. 

The flotation is aimed at challenging rivals Bloomberg and Thomson Reuters in the marketplace for financial markets data. 

The group's shareholders, which are mostly banks, would be the sellers, according to the filing. Markit does not plan to sell any shares itself. 

The Financial Times, citing people involved in the process, had reported over the weekend that Markit could seek to raise as much as $2 billion (€1.4 billion) from the listing. 

Markit's biggest bank shareholders include Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan Chase, each of which owns more than 5%. 

Other shareholders include private equity fund General Atlantic and Singapore state investment firm Temasek Holdings. Temasek purchased its 10% stake in May in a deal which valued the Markit group at about $5 billion.