The New York Mercantile Exchange, which could go public in a matter of weeks, is valuing itself at about $4.5 billion.
The valuation is based on the upper end of the price range at which the Nymex plans to sell shares in its IPO. The 132-year-old commodities and futures exchange, which specializes in energy trading, anticipates pricing its shares between $48 and $52.
The initial public offering could raise a maximum of $358.8 million, but nearly one-quarter of the proceeds from the IPO will go to Nymex shareholders, according to an updated registration statement.
The updated filing coincides with the start of the so-called road show to talk up the deal to potential investors. The road show was expected to begin on Halloween, sources say.
Nymex plans to offer a total of 6.9 million shares to the public. Of that amount, 4.89 million shares willl be sold by the exchange. The Nymex's current stockholders will sell another 1.1 million shares, and another 900,000 shares could be sold, if the IPO's underwriters exercise their over-allotment option.
Immediately after the IPO, Nymex plans to have 86.5 million in shares outstanding.
If the IPO prices at $52 a share, Nymex's market cap would be only a smidgen below that of its rival, the
. The Atlanta-based energy futures exchange has a market cap of $4.75 billion. However, Nymex would be just a fraction of the size of the derivatives giant
Chicago Mercantile Exchange
, which has a market cap of $17.4 billion.
The stock is slated to trade on the
New York Stock Exchange
under the ticker symbol NMX.