LMAX Group, an institutional trading platform, has hired Morgan Stanley and KBW to review strategic options that include a direct sale or a Nasdaq listing, with the company potentially valued at as much as $5 billion. People familiar with the matter said a Nasdaq IPO is currently the preferred route, though a SPAC merger and a European listing remain under consideration. The report also noted that LMAX can afford to delay any flotation if crypto market conditions remain weak because it still draws revenue from its foreign exchange business. The latest valuation under discussion marks a sharp increase from July 2021, when J.C. Flowers bought a 30% stake for $300 million, implying LMAX was worth about $1 billion at the time. The information was cited by Techub, referencing crypto.news.
LMAX Group has hired Morgan Stanley and KBW to examine strategic options, including a direct sale or a listing on Nasdaq, with the company’s valuation potentially reaching $5 billion.
People familiar with the matter said a Nasdaq initial public offering is the preferred path at this stage, although a SPAC merger and a European listing are still being considered. The company can also hold off on any listing plans during weak crypto market periods because it has revenue support from its foreign exchange business.
In July 2021, J.C. Flowers acquired a 30% stake in LMAX for $300 million, implying a valuation of about $1 billion at that time.
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