BATS IPO watch: The U.S. third-largest Stock Exchange operator BATS global market CEO Joe Ratterman announced the cancellation of its IPO on Friday due to serious technical failures.
BATS determined the IPO price of $16 per share late on Thursday, which is the bottom of the previously announced BATS IPO price range of $16 to $18, and expected to sell 6.30 million shares in the IPO on Friday. But in the Friday morning trading session, due to a series of technical failures, the BATS stock price fell to $15.25 per share; then the Stock Exchange suspended the deal at 13:10 EST.
According to the declaration released by BATS on the website, the BATS IPO should come into normal at 1:20 EST, but the subsequent statement said the recovery time would be postponed, without a specific time. The transactions involved in the abnormal share prices happened between 11:14 and 11:15 EST.
As of 2011, BATS had have a share of 11.3% of the U.S. security exchange market and a share of 3.1% of the U.S. security option market.
BATS was established in January 2006 and is headquartered in Kansas, Missouri. The company set an office in New York and operates one of the U.S. fastest-growing top stock exchanges. The customer base of BATS includes more than 270 brokers and a group of widely-operatiing companys, such as Citibank, Credit Suisse, Deutsche Bank, GETCO, JPMorgan Chase, Lehman Brothers, Lime Brokerage Company, Morgan Stanley, Merrill Lynch, Tradebot and Wedbush. BATS’s slogan is: Making Markets Better.