Marex confirms intention to float on London Stock Exchange
One week after Marex announced its expected intention to float, the company today confirms its intention to undertake an initial public offering.
The company intends to apply for admission of the shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities.
The final offer price in respect of the offer will be determined following a book-building process, with admission currently expected to occur in mid-June 2021.
The company will seek a premium listing on the Official List of the FCA and admission to trading on the main market of the London Stock Exchange.
The offer will comprise of an offer of existing shares to be sold by certain existing shareholders of the company. This will be a targeted offering to institutional investors outside the United States pursuant to Regulation S and only to qualified institutional buyers in the United States as defined in and pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”) or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Immediately following the admission, Marex intends to have a free float of at least 25% of issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices. In addition, it is expected that the shares representing up to a further 15% of the offer will be made available pursuant to an over-allotment option.
In connection with the Offer, each of the Company, its directors and the selling shareholders are expected to agree to customary lock-up arrangements restricting the disposal of Shares for a period of time following Admission.
Marex has engaged Goldman Sachs International as Joint Global Coordinator, Joint Bookrunner and Sole Sponsor, J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) as Joint Global Co-ordinator and Joint Bookrunner, Barclays Bank PLC as Joint Bookrunner and Peel Hunt LLP as Co-Lead Manager for the Offer.