Virtu Financial Expects To Raise Up To $314.1 Mln In IPO

(RTTNews) - High frequency trading firm Virtu Financial Inc. said Monday in a regulatory filing that it plans to offer 16,532,272 shares of its Class A common stock in an initial public offering.

The underwriters have a 30 day option to purchase up to an additional 2,479,840 shares from the company to cover overallotment, if any.

Virtu Financial said the IPO is expected to be priced between $17.00 and $19.00 per share. At the high end of that range, the company is expected to raise about $314.1 million in the IPO, and would be valued at about $2.6 billion.

Following the offering, Virtu Financial will have four classes of authorized common stock. The Class A common stock offered hereby and the Class C common stock will have one vote per share. The Class B common stock and the Class D common stock will have 10 votes per share. TJMT Holdings LLC, an affiliate of Virtu Financial's Founder and Executive Chairman Vincent Viola, and certain trusts for the benefit of the Viola family and others will hold all of the company's issued and outstanding Class D common stock after the offering and will control more than a majority of the combined voting power of its common stock.

The company plans to list the Class A common stock on The Nasdaq Stock Market LLC under the symbol "VIRT."

Founded by Vincent Viola, a former chairman of the New York Mercantile Exchange, New York-based Virtu Financial filed for its IPO March 10, 2014, but repeatedly delayed it.

The company's revenue rose 8.8% to $723.05 million in 2014, while its net income grew 4.3% to $190.1 million.

Douglas Cifu is the Chief Executive Officer of Virtu Financial and Joseph Molluso is its Chief Financial Officer.