British commodities platform Marex aims for $1.49 bln valuation in US IPO

Kitco Media
By Reuters
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Updated
Reuters
April 15 (Reuters) - British commodities platform Marex Group said on Monday it is seeking a valuation of up to $1.49 billion in its initial public offering in the United States joining the list of foreign companies turning to U.S. capital markets.
The company said in a filing it is offering to sell about 15.4 million shares at a price range of $18 to $21 apiece to raise about $323 million.
The plan for listing in the U.S. is yet another blow to London capital markets, which have seen a string of high-profile defections last year by domestic or locally listed companies to New York in search of more liquidity and higher valuations.
Marex, backed by private equity firm JRJ, in December last year confidentially filed a draft registration statement with the U.S. market regulator to launch an IPO.
The London-based company has applied to list its ordinary shares on the Nasdaq Global Select Market under the symbol "MRX".
Barclays, Goldman Sachs and Jefferies are among the underwriters for the offering.

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