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CBOE Prices IPO at Top of Range

The largest options exchange raised $339 million. Shares will begin trading on Nasdaq Tuesday.
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CBOE Holdings raised $339 million in an initial public offering, the options exchange announced Monday night.

CBOE, which will begin trading Tuesday on the

Nasdaq Stock Market

under the symbol CBOE, sold 11.7 million shares at $29 each, after offering them at $27 to $29.

Goldman Sachs

managed the offering, which was

critiqued earlier today

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CBOE Holdings, which operates the Chicago Board Options Exchange, "is selling approximately 9.6 million shares of unrestricted common stock," the company said in a release, adding that "approximately 2.1 million shares of unrestricted common stock are being sold by certain existing shareholders."

CBOE has granted the IPO's underwriters a 30-day option to purchase an additional 1.75 million shares of unrestricted common stock.

BofA Merrill Lynch, Barclays Capital, Citadel Securities, Citigroup, JPMorgan Chase and UBS Investment Bank acted as joint book running managers. BMO Capital Markets, Credit Suisse, Morgan Stanley, Oppenheimer & Co., Raymond James, Cabrera Capital Markets, LLC, Keefe, Bruyette & Woods, Loop Capital Markets, Macquarie Capital, Rosenblatt Securities Inc. and Sandler O'Neill + Partners, L.P. served as co-managers.

William J. Brodsky, chairman and chief executive officer of CBOE Holdings and the Chicago Board Options Exchange, will ring the Nasdaq's opening bell remotely from the Chicago exchange's trading floor Tuesday morning.

This article was written by a staff member of