UPDATE 1-Financial service provider Markit's IPO raises $1.28 bln
(Updates with number of shares offered, sourcing)
June 18 (Reuters) - Markit Ltd said it priced its initial public offering at $24 per share, valuing the financial information service provider at about $4.3 billion.
Markit's IPO raised about $1.28 billion, after the company priced its enlarged offering of 53.5 million shares at the mid-point of its expected price range of $23 to $25 per share.
The company, which competes with Bloomberg and Thomson Reuters Corp , said the selling shareholders, including certain employees and members of management, sold all the shares in the offering.
Founded by Canadian Lance Uggla in 2001, Markit provides pricing and reference data and indices and valuation services. The company serves more than 3,000 institutional customers globally, including banks, hedge funds and asset managers.
Singapore state investor Temasek Holdings Pte Ltd holds about a 10.47 percent stake in Markit through its wholly owned subsidiary, Esta Investments Pte Ltd.
Markit, which has more than 3,200 employees, also counts Bank of America Corp, Deutsche Bank AG and Goldman Sachs Group Inc among its major stockholders.
These firms also use Markit's financial data and trade processing services.
Bank of America's stake in Markit will fall to 4.6 percent from about 8 percent after the IPO, while Esta Investments will trim its stake slightly to 10.38 percent. Continued...