After raising nearly $1.3 billion in its IPO, financial data service Markit (MRKT) rose 12% in its first day trading, giving it a market cap of $4.8 billion. The stock was priced at $24 at the midpoint of the expected range.
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Markit provides financial data, competing with Thomson Reuters and Bloomberg. It has more than 3,000 institutional customers, including banks, asset managers and hedge funds.
The company’s 2013 revenue was $948 million, up 10% from the year before. Net income was $139 million last year.
Markit’s top shareholders include Bank of America (BAC), Deutsche Bank (DB), Goldman Sachs (GS) and JPMorgan (NYSJPM). Private equity firm General Atlantic and Singapore’s sovereign wealth fund Temasek have also invested in the company.
Markit was founded in 2003 by Lance Uggla, who is the current CEO. The company is headquartered in London.