This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Instinet Hopes to Price IPO at $11-$14 a Share

Electronic brokerage Instinet filed an amendment to the company's registration statement for an initial public offering, indicating that the Reuters (RTRSY) unit hopes to price the shares in the issue at $11 to $14 each.

Instinet first filed for the IPO in February. According to the amended statement, which was filed with the Securities and Exchange Commission, the company will offer up to 33.9 million shares, including the overallotment option. The shares will represent about 14.1% of Instinet's capital stock outstanding after the IPO.

At the top of the range, the offering would generate about $475 million, around $150 million of which would go to repay debt owed to Reuters, a news and information company. The price range for the proposed IPO would imply a market value of about $2.6 billion to $3.4 billion for all of Instinet.

Reuters, which is based in London, is still planning to take Instinet public in the first half of this year. The American depositary shares of Reuters dropped $5.31, or 7.4%, to $66.88 in recent Nasdaq trading, within sight of the 52-week low of $63.19.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%
YHOO $44.52 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs