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Trading platform operator Aquis Exchange plans London IPO

U.K.-based share trading venue Aquis Exchange Ltd. is planning to list on the London Stock Exchange-operated Alternative Investment Market in June, the Financial Times reported, citing a person involved in the process and a listing document.

The document indicated plans to raise about £12 million for a market capitalization of £73 million, the Financial Times wrote. The Warsaw Stock Exchange, an anchor investor in Aquis Exchange, plans to offload its existing 20.31% stake during the float, according to the report, which noted that the Polish bourse initially acquired a 30% stake for £5 million in 2013.

Shareholders of the Warsaw exchange, or Gielda Papierów Wartosciowych w Warszawie SA, approved the sale of the stake in April. Aquis Exchange CEO Alasdair Haynes and fellow large investor Rich Ricci, a former Barclays banker, plan to retain their stakes.

Founded in 2012, Aquis Exchange has a 2% share of the European equity trading market, ranking it ninth among European equity exchanges. Its model includes trader fees based on data usage, as well as a prohibition on high-speed trading.

The flotation is designed to attract more investors and raise its profile in the wake of Europe's introduction of strict new trading rules known as MiFID II. Justin Bates, an analyst for Liberum Capital Ltd, which is advising Aquis Exchange on the IPO, said in the investors' document that Aquis "was founded with MiFID II in mind."

Aquis Exchange expects to become profitable by 2020, increasing revenues to around £10 million from £2 million and its European market share to nearly 8%, the Financial Times reported. The company expects an adjusted pretax loss of £4 million in 2018.