High-speed trading company Virtu Financial Inc has confidentially filed documents for an initial public offering (IPO), according to people with knowledge on the matter. The unnamed sources also said the company is planning to enter the public market by April, wrote The Wall Street Journal (WSJ).
The New York firm is a major player in about 200 global markets for stock, currency, and various asset trading. For the four quarters until September 30, Virtu posted net trading revenue of around $415 million and $274 million in earnings before interest, taxes, depreciation and amortization (EBITDA), sources said. During that fiscal year, Virtu's earnings were up almost 11% from the previous year, the report detailed.
People familiar with the situation said Virtu has not yet decided where it will list its shares, the report added.
The company has been working with Goldman Sachs Group Inc on the planned IPO, according to the said sources. The company is also in talks with other banks that could still participate in the transaction, the report said.
The confidential IPO documents were filed in late September. Under the Jumpstart Our Business Startups (JOBS) Act, firms with revenue of less than $1 billion can file for IPOs confidentially, WSJ reported.
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