Market maker Virtu launching $500 million secondary share offering

Virtu Financial, Inc (NASDAQ:VIRT), a technology enabled global market maker, has announced the commencement of an underwritten secondary offering of 15,000,000 shares of its Class A common stock.

At Tuesday’s close of $33.35 per share, the offering size is aimed to be $500 million.

The selling stockholders, Mr. Vincent Viola, Virtu’s founder and Chairman Emeritus, TJMT Holdings LLC which is an affiliate of Mr. Viola, and Havelock Investments Fund Pte Ltd, an entity affiliated with Temasek, are offering 6,281,250 shares of Class A common stock. The offering includes shares of Class A common stock held by the selling stockholders (including shares underlying options held by Mr. Viola) and 8,718,750 new shares of Class A common stock offered by Virtu, the net proceeds of which will be used to purchase equivalent units of common units in Virtu Financial LLC and corresponding shares of Class D common stock.

The selling stockholders will receive all of the net proceeds from the sale of shares of Class A common stock sold by them in the offering. Virtu will retain no net proceeds from the offering.

In connection with the proposed public offering, the underwriters will be granted an option to purchase up to 2,250,000 additional shares of Class A common stock from Havelock and from Virtu. The net proceeds received by Virtu will be used to purchase an equivalent number of common interest units in Virtu Financial LLC and corresponding shares of Class D common stock.

Jefferies LLC and Morgan Stanley & Co. LLC are acting as the joint book-running managers and underwriters for the offering. Sandler O’Neill & Partners, L.P. is also acting as a joint book-running manager and underwriter. BMO Capital Markets Corp. is acting as Co-manager.

An effective registration statement relating to such shares of Class A common stock has been filed with the U.S. Securities and Exchange Commission (SEC).

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Market maker Virtu launching $500 million secondary share offering


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