Second attempt at listing for Bats Global Markets

Bats, which was founded in 2005, has launched a second attempt at a listing, following a failed attempt four years ago.

A combined total of 11.2 million shares priced between $17 and $19 each could be offloaded by the exchange's shareholders, which could see Bats market value stand at $1.8bn. This total would be twice its valuation four years ago, which stood at $760m. 

This latest attempt to list will be watched keenly by corporations and banks interested to see if the US listings market is ready to warm up following a particularly frosty first quarter characterised by sluggish applications submitted by big name institutions. 

The early months of 2016 have brought few IPOs as the wider market sold off acutely at the start of the year, but the industry is hopeful that listings will thaw out in April. 

Matthew Kennedy at Renaissance Capital, an IPO-focused ETF provider, said:

"Bats is a strong case for being the ice breaker: it is a significant player in its industry and profitable. IPO launches should start to pick up but people will be looking at how Bats actually prices and trades to determine whether they should launch their own deals."

"There might be some question about whether it can handle trading execution on its own exchange because of the cancelled IPO", Mr Kennedy added. 

Following its conception, Bats Global Markets took advantage of cutting-edge technology and lower fees to put pressure on rivals. Today the exchange accounts for around 20 percent of US trading volume each day, and around 10 percent of US options markets. 

In 2012, Bats attempted to list but a computer malfunction led to shares plummeting once they had started trading. The failure was particularly embarrassing because the exchange rose to prominence flying the flag for the merits of electronic trading.