Markit shares up 11 pct in debut
June 19 (Reuters) - Shares of Markit Ltd rose as much as 11.3 percent in market debut, valuing the financial information service provider at $4.78 billion and giving its bank shareholders a massive payday.
Markit's IPO raised $1.28 billion, most of which will go to 12 major banks that held more than half of the company before the offering.
Highlighting strong demand for the shares, Markit raised the size of the offering by 17 percent to 53.5 million shares. The stock was priced at $24, the mid-point of the expected price range.
All shares were offered by selling shareholders, which include Wall Street's biggest banks such as Bank of America Corp , Goldman Sachs Group Inc and JPMorgan Chase & Co .
Markit shares opened at $26.15 on the Nasdaq on Thursday and touched a high of $26.71.
The company, which provides pricing and reference data, indexes and valuation services, competes with Thomson Reuters Corp and Bloomberg LP among others.
BofA Merrill Lynch, Barclays, Citigroup and Credit Suisse were among the 10 lead underwriters for the offering. (Reporting by Amrutha Gayathri and Tanya Agrawal in Bangalore; Editing by Joyjeet Das)
© Thomson Reuters 2017 All rights reserved.