InterContinental Exchange (ICE) posted an impressive IPO on 16 November, riding the wave of investor interest in derivatives exchanges.
Shares of ICE rose 50.96%, closing at $39.25 on New York Stock Exchange on day one.
ICE boosted its initial offering price to $24-26, 32% higher than the prior price of $18-20. ICE offered 16m shares, up from the 10m it originally announced in filings. Just 2.5m shares, however, were slated to raise cash for the exchange. The remaining 13.5m were sold by existing shareholders.
The sale price would value ICE at over $1.4bn, while the day one market price pushed the exchange's valuation to over $2bn.
This would lend support to market sources who have suggested that ICE would now be...