UPDATE 1-Markit IPO may value company at about $4.47 bln

Tue Jun 3, 2014 6:41pm EDT
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June 3 (Reuters) - Financial information service provider Markit Ltd said it expected its IPO to be priced at $23-$25 per share, which could value the company at up to $4.47 billion.

The company, which competes with Bloomberg and Thomson Reuters Corp , said selling shareholders, including certain employees and members of the management, were offering 45.7 million common shares. (link.reuters.com/zaz79v)

The IPO could raise as much as $1.14 billion.

The company intends to list its common stock on the Nasdaq under the symbol "MRKT".

Markit, founded by Canadian Lance Uggla in 2001, provides pricing and reference data, indices and valuation services. It has more than 3,000 institutional customers globally, including banks, hedge funds and asset managers.

Markit Group Holdings Ltd Employee Benefit Trust is the largest shareholder with about 12.46 percent, followed by private equity firm General Atlantic with 11.5 percent. After the offering the Trust's stake will drop to 12.35 percent while General Atlantic will hold about 11.41 percent.

Singapore state investor Temasek Holdings Pte Ltd holds about 10.47 percent in Markit through its wholly owned subsidiary Esta Investments Pte Ltd.

The company also counts Bank of America Corp, Deutsche Bank AG and Goldman Sachs Group Inc among major stockholders.   Continued...