CMC Markets lists on the London Stock Exchange 

Following the announcement by CMC Markets plc (the “Company” and, together with its subsidiaries, “CMC” or the “Group”) on 26 January 2016 of the price range for the initial public offering of its ordinary shares (the “Offer” or “IPO”), the Group announced the successful pricing of its IPO.

Read also: Announcement of 26 January 2016 

Offer highlights

• The Offer price has been set at 240 pence per ordinary share (the “Offer Price”)
• Based on the Offer Price, CMC’s market capitalisation is approximately £691 million
• The Offer comprises 90.6 million ordinary shares, representing 31% of CMC’s issued share capital on Admission (prior to any exercise of the over-allotment option)
• The transaction size of approximately £218 million (prior to any exercise of the over-allotment option) includes a primary capital raise of approximately £15 million, with the balance of approximately £203 million comprising the sale of secondary shares by certain of CMC’s existing shareholders, including Peter and Fiona Cruddas and Goldman Sachs Strategic Investments (U.K.) Limited
• As stabilising manager, Morgan Stanley & Co. International plc has been granted an over-allotment option, exercisable no later than thirty days from today, over up to approximately 13.6 million CMC ordinary shares, representing 15% of the Offer
• Following Admission (and prior to any exercise of the over-allotment option):
  1. Peter and Fiona Cruddas will in aggregate hold 62.5% of the Group’s ordinary shares; and
  2. Goldman Sachs Strategic Investments (U.K.) Limited will hold 4.99% of the Group’s ordinary shares

Allocations in the Client Share Offer and Intermediaries Offer

• Applications in the Client Share Offer have been allocated in full, rounded down to the nearest whole ordinary share
• Applications in the Intermediaries Offer have been allocated in full, rounded down to the nearest whole ordinary share, subject to a maximum allocation of 31,250 ordinary shares (worth £75,000.00 at the Offer Price)

Further information

• Conditional dealings in CMC ordinary shares will commence on the London Stock Exchange at 8.00 am today
• Admission and the commencement of unconditional dealings in CMC ordinary shares are expected to take place at 8.00 am on 10 February 2016 under the ticker CMCX (ISIN: GB00B14SKR37)
• The Pricing Statement relating to the Offer will be submitted to the UKLA and will be available free of charge at the Company’s registered office at 133 Houndsditch, London EC3A 7BX. In addition, the Pricing Statement will (subject to certain restrictions) be published on the Company’s website atwww.cmcmarkets.com/group/ipo

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

“Today marks a significant milestone for us all at CMC and I am incredibly proud of and grateful for the hard work of all of our employees in building CMC into the successful business it is today. The IPO marks the next step in our development. With our award-winning technology platform and our clear strategy for growth we look forward to the next chapter of the Group’s story with both excitement and confidence. We have been very pleased with the response of investors to the offer and thank them for the strong interest they have shown. We are delighted to have our customers as shareholders as well as a core of high quality institutions who we believe will be long-term supporters of the business. Our performance since the start of 2016 continues to be strong, helped by the ongoing market volatility, and we start our life as a public company well-positioned for continued growth and to deliver value for all of our shareholders.”

Source: LSE

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