London-based commodities dealer Marex this morning announced its intentions to float on the London Stock Exchange (LSE), in a move that is thought could value the company at more than £500m.
Pricing has yet to be disclosed, but at least 25 per cent of the company will be floated, as Marex joins a busy queue of companies in the LSE’s pipeline of IPOs
Marex, is controlled by JRJ Group, a private equity firm set up by two ex-Lehman Brothers investment bankers.
It operates in the “bull ring” of the London Metal Exchange.
In April Marex reported a 15 per cent jump in adjusted pre-tax operating profit to $61.5m on an 18 per cent rise in net revenues to $414.7m.
In terms of the potential float, Marex said it expects to target institutional investors and will offer existing shares which will be sold by certain existing investors in the company.
Ian Lowitt, CEO of Marex, said: “The attractiveness and resilience of our business model is demonstrated by our latest set of results which showcase continued strong performance despite the obvious macro headwinds. I am excited about the next stage of our development and the growth opportunities ahead. We look forward to generating continued value for all our stakeholders.”
Marex has around 11,000 clients globally and employs 1,000 people. It’s headquartered in London
Goldman Sachs and JPMorgan are joint global co-ordinators on the deal.