(Reuters) - British commodities platform Marex Group set the pricing of its U.S. initial public offering at $19 per share on Wednesday, aiming to raise around $292 million.
The London-based company priced its IPO at the lower end of its targeted range of $18 to $21, valuing the firm at around $1.35 billion based on the outstanding shares listed in its filing with the U.S. Securities and Exchange Commission.
The ordinary shares are expected to begin trading on the Nasdaq Global Select Market on Thursday under the ticker symbol "MRX".
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, which operates across Europe and the Americas with a growing presence in the Middle East and Asia-Pacific regions, grew active clients to more than 4,000 in 2023, from nearly 1,800 in 2018. It has about 2,000 employees in more than 35 global offices as of Dec. 31.