Marex to list shares today on Nasdaq at $19 a share

Marex has announced its plan to list today its shares on US market Nasdaq at $19 a share in line with earlier estimations.

London-based Marex said on Thursday it will list in its April 25 initial public offering 15.4 million shares on the New York-based Nasdaq Global Select Market under the ticker MRX.

Marex said it is offering 3.8 million of its own shares and “selling shareholders” have pledged 11.5 million shares in an offer expected to close on April 29. 

The firm said it will not receive any proceeds from the sale of shareholder shares, and the selling shareholders have granted the underwriters 30 days to buy an additional 2.3 million shares to cover over-allotments.

Barclays, Goldman Sachs, Jefferies and Keefe, Bruyette & Woods are joint lead book-running managers, and Citigroup, UBS Investment Bank, Piper Sandler and HSBC are acting as bookrunners for the proposed offering.

The imminent listing was announced on Thursday morning, less than five months after Marex said in early December it had submitted a statement to the US regulator to kick-start the US listing process.

The London-based firm filed in late March its prospectus with the Securities and Exchange Commission to list on Nasdaq Global Select Market.

In the prospectus, Marex said net revenue climbed to $1.2 billion last year, 75% higher than the record $711 million in 2022. Clearing now makes up 30% of revenue, while agency and execution accounted for 44% of the total, the document said.

The firm said on April 15 it had launched its initial public offering process, with banks set to confirm an allocation of shares worth around $300 million (£240m), estimating last week an IPO price of $18 to $21 per share.

Marex tried to list on the London Stock Exchange in mid-2021 but pulled the IPO in June that year citing “challenging market conditions”, as first reported by FOW.