NEW YORK - Marex Group plc, a diversified global financial services platform, has set the price range for its upcoming initial public offering (IPO) on the Nasdaq Global Select Market. The company is offering 15,384,615 ordinary shares, with an expected price range between $18 and $21 per share. Marex will be selling 25% of these shares, while the remaining 75% will be sold by certain existing shareholders.
In addition to the shares on offer, the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 2,307,692 shares to cover any over-allotments. The ticker symbol designated for the Marex shares will be "MRX".
The joint lead book-running managers for the IPO are Barclays (LON:BARC), Goldman Sachs (NYSE:GS) & Co. LLC, Jefferies, and Keefe, Bruyette & Woods, a Stifel Company. The offering also includes bookrunners Citigroup, UBS Investment Bank, Piper Sandler, and HSBC (LON:HSBA). Co-managers for the offering are Drexel Hamilton and Loop Capital Markets.
The offering is subject to a registration statement filed with the U.S. Securities and Exchange Commission, which has not yet become effective. As such, the securities cannot be sold nor offers to buy be accepted until the registration statement becomes effective. The prospectus for the IPO is available through several financial institutions, including Barclays Capital Inc., Goldman Sachs & Co. LLC, Jefferies LLC, and Keefe, Bruyette & Woods Inc.
The information in this article is based on a press release statement from Marex Group plc.
InvestingPro Insights
As Marex Group plc prepares for its IPO, potential investors can consider various financial metrics to gauge the company's performance. According to InvestingPro real-time data, Marex's price-to-earnings (P/E) ratio stands at -3.2, indicating that the company currently does not have positive earnings. The price-to-book (P/B) ratio of 0.68 suggests that the market values the company at less than its book value, which could be seen as an indication that the stock is potentially undervalued based on its assets.
Revenue growth figures show a steady increase, with a 5.28% growth over the last twelve months as of Q4 2023, and a similar quarterly growth rate of 5.26% in Q4 2023. This suggests a consistent upward trajectory in Marex's revenue generation. However, the company's operating income margin at -13.25% and a return on assets of -16.69% reflect challenges in profitability and asset utilization.
InvestingPro Tips highlight the importance of considering both growth potential and current financial health when evaluating an IPO. Marex's PEG ratio of 0.24 points to a potentially favorable growth trajectory relative to its earnings. Additionally, Marex's stock has experienced a 10.99% price total return over the past six months, indicating some recovery after a period of decline. For investors seeking more in-depth analysis, there are additional tips listed in InvestingPro, which can be accessed with a special offer: use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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