CMC Markets sets IPO price at 240p per share, giving market capitalisation of £691M


Major online trading services provider CMC Markets plc, which is getting closer to an initial public offering on the London Stock Exchange, has just provided an update regarding the pricing of the offer.

CMC Markets today announces the successful pricing of its IPO, with the Offer price set at 240 pence per ordinary share. This gives a market capitalization of circa £691 million ($1 billion).

The Offer comprises 90.6 million ordinary shares, accounting for 31% of CMC’s issued share capital on Admission.

The transaction size of approximately £218 million includes a primary capital raise of approximately £15 million, with the balance of approximately £203 million comprising the sale of secondary shares by certain of CMC’s existing shareholders, including Peter Cruddas and Fiona Cruddas and Goldman Sachs Strategic Investments (U.K.) Limited

Following Admission and before any exercise of the over-allotment option:

  • Peter and Fiona Cruddas will in aggregate hold 62.5% of the Group’s ordinary shares;
  • Goldman Sachs Strategic Investments (U.K.) Limited will hold 4.99% of the Group’s ordinary shares .

Further information

  • Conditional dealings in CMC ordinary shares will commence on the London Stock Exchange at 8.00 am today;
  • Admission and the commencement of unconditional dealings in CMC ordinary shares are set for 8.00 am on 10 February 2016 under the ticker CMCX (ISIN: GB00B14SKR37)

Peter Cruddas, founder and Chief Executive Officer of CMC, commented:

“Today marks a significant milestone for us all at CMC and I am incredibly proud of and grateful for the hard work of all of our employees in building CMC into the successful business it is today. The IPO marks the next step in our development. With our award-winning technology platform and our clear strategy for growth we look forward to the next chapter of the Group’s story with both excitement and confidence. We have been very pleased with the response of investors to the offer and thank them for the strong interest they have shown. We are delighted to have our customers as shareholders as well as a core of high quality institutions who we believe will be long-term supporters of the business.

Our performance since the start of 2016 continues to be strong, helped by the ongoing market volatility, and we start our life as a public company well-positioned for continued growth and to deliver value for all of our shareholders.”

The official announcement from CMC can be viewed by clicking here.

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CMC Markets sets IPO price at 240p per share, giving market capitalisation of £691M

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