LMAX Group is working with Morgan Stanley and KBW, the investment banking arm of Stifel, to review strategic options that include a Nasdaq IPO, a sale, or a merger with a special purpose acquisition company, according to Techub. The potential deal could value the institutional trading platform at as much as $5 billion. LMAX runs venues for foreign exchange and digital asset trading, serving banks, hedge funds, and asset managers. People familiar with the matter said the company is not under pressure to list immediately. Even with weakness in the crypto market, its foreign exchange business gives the group a more diversified revenue base, allowing management to wait for more favorable market conditions before making a move.
LMAX Group is working with Morgan Stanley and KBW, Stifel’s investment banking unit, to assess strategic options that include a Nasdaq initial public offering, a sale, or a merger with a special purpose acquisition company, according to Techub. Any transaction could value the company at up to $5 billion.
The company operates institutional venues for foreign exchange and digital asset trading. Its clients include banks, hedge funds, and asset management firms.
People familiar with the matter said LMAX has a more diversified revenue mix because of its foreign exchange business, even as the crypto market remains weak. Management is not under pressure to go public now and can wait for a better market window.
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