CMC Markets announces the price range for the IPO 

Following its announcement of 13 January 2016 of its intention to proceed with an initial public offering (the “Offer” or “IPO”) of the Group’s ordinary shares, CMC Markets plc today announces the price range for the IPO and its intention to publish, later today, the Prospectus for the Offer.

Read the announcement dated January 13: CMC Markets to apply for admission on LSE in February 2016

• The price range for the Offer has been set at between 235 pence to 275 pence per ordinary share
• At the mid-point of the price range, CMC’s market capitalisation would be approximately £736 million
• The base transaction size of £231 million (at the mid-point of the price range) includes a primary capital raise by CMC of approximately £15 million, with the balance comprising the sale of secondary shares by certain of CMC’s existing shareholders. In addition, there will be an over-allotment option of up to 15% of the base transaction size
• The Company intends to use the proceeds from the primary capital raise to meet the costs of the IPO and staff incentive plans
• The expected offering size of approximately 90.4 million ordinary shares (at the mid-point of the price range and prior to any exercise of the 15% over-allotment option), will represent 31% of CMC’s ordinary shares at the time of Admission
• The Offer is intended to include an offer of ordinary shares to institutional investors in certain qualifying jurisdictions, an offer to eligible clients of the Group (the “Client Share Offer”) and an offer to private investors in the UK via appointed intermediaries

– The latest date for receipt of applications from eligible clients under the Client Share Offer is expected to be 22:00 GMT on Wednesday 3 February 2016

– The latest date for receipt of applications by the appointed intermediaries from private investors is expected to be Wednesday 3 February 2016

– The latest date for receipt of indications of interest from institutional investors is expected to be Thursday 4 February 2016

• Final pricing is expected to be announced on or around Friday 5 February 2016, with conditional dealings in CMC ordinary shares beginning on the London Stock Exchange on the same day
• Admission is expected to occur and unconditional dealings in CMC ordinary shares on the London Stock Exchange are expected to commence on or around Wednesday 10 February 2016

Commenting on today’s announcement, Peter Cruddas, founder and Chief Executive of CMC said:

“I am very pleased with the response we have received from investors and clients since our Intention to Float announcement, and am excited to progress to the next phase of the offering as we announce our price range and publish our prospectus. The IPO is an important step for the business, and I look forward to meeting prospective investors over the coming days and weeks. CMC is in a strong position and is enjoying another good financial year, as stated in our first half results. Our performance since then has been positive, and especially so since the start of the calendar year 2016 and through the recent market volatility. We start our roadshow with the business in excellent shape.”

Source: LSE – CMC Markets plc Announcement of Price Range

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