Interactive Brokers Offers 50,000,000 Shares at a Minimum Price of $33.50
2008-04-24 23:52:17 -
- As described in its IPO registration statement of a year ago, Interactive Brokers Group, Inc. (the "Company") today announced that it filed a registration Form S-1 registration statement with the U.S. Securities and Exchange Commission on April 24, 2008. In the proposed secondary public offering, the Company is offering to sell up to 50,000,000 shares at a minimum price of $33.50 per share, of its Class A common stock through WR Hambrecht + Co, LLC's OpenFollowOn(SM )auction-based process. All net proceeds from the sale of shares in the offering will be used to purchase approximately 12.5% of the membership interests of IBG LLC, the current holding company for the Company's electronic market making and brokerage business, from IBG Holdings LLC, which currently owns approximately 90% of IBG LLC. All net proceeds will be received by the members of IBG Holdings LLC.
W.R. Hambrecht + Co., LLC, Fox-Pitt, Kelton Cochran Caronia Waller (USA) LLC, and Sandler O'Neill + Partners, L.P. are acting as the placement agents for the offering. The public offering will be made only by means of a prospectus which may be obtained by going to www.interactivebrokers.com/IBDA, WR Hambrecht's Web site, www.wrhambrecht.com, by calling 800-673-6476, or by writing to WR Hambrecht + Co, P.O. Box 677, Berwyn, PA 19312.
Interactive Brokers' account holders can participate in the secondary offering through our fully electronic IB Dutch Auction System, and institutional IB clients and non-clients may buy shares in the secondary offering through the participating broker of their choice. Pre-auction bids can be submitted at any point up to approximately an hour prior to the actual live OpenFollowOn(SM) auction, (assuming no SEC review of the Form S-1). In the auction and pre-auction periods, bidders may only bid at or above the minimum offering price of $33.50 per share. After the close of the markets on the day of the auction, an approximately 30 minute live auction will commence process will be used to determine a clearing price. If a clearing price is achieved, shares will be allocated on a price and time priority basis, unless the Company decides to sell shares at a price below the clearing price (but at least equal to the minimum bid price). In this case, shares would be allocated on a pro-rata basis. If a clearing price is not achieved, all shares bid for will be sold at the minimum bid price. IB customers will find information and instructions for the Interactive Brokers' secondary Dutch Auction at www.interactivebrokers.com/IBDA.
About Interactive Brokers Group, Inc.:
Interactive Brokers Group, Inc., together with its subsidiaries (the "Company"), is an automated global electronic market maker and broker specializing in routing orders and executing and processing trades in options, futures, stocks, bonds, funds, and foreign exchange instruments as a member of more than 70 electronic exchanges and trading venues around the world. The Company provides professional traders and investors with direct access to options, futures, stocks, forex and bonds from a single IB Universal Account(SM). Interactive Brokers Group, Inc. is a Delaware corporation which has been formed to hold shares in and become the managing member of IBG LLC, the current holding company for its business.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Interactive Brokers Group, Inc.
Earl Nemser, Vice Chairman, 917-689-9994
