Fried Frank acted as counsel to Tradeweb Markets (Tradeweb) in its US$725 million follow-on public offering. The offering consisted of 17,287,878 shares of Class A common stock, at a price to the public of US$42 per share. In addition, the underwriters have a 30-day option to purchase up to an additional 2,593,181 shares of Class A common stock at the public offering price, less the underwriting discounts and commissions. JPMorgan Chase, Barclays, Citigroup, Goldman Sachs, and Morgan Stanley acted as lead underwriters for the offering.
Tradeweb used the net proceeds from the offering to purchase equity interests from certain existing owners.
Tradeweb, founded in 1996, is a leading, global operator of electronic marketplaces for rates, credit, equities, and money markets. Tradeweb serves approximately 2,500 clients in more than 60 countries. On average, Tradeweb facilitated more than US$700 billion in notional value traded per day over the past four fiscal quarters.
The Fried Frank team was led by corporate partners Andrew B. Barkan and Steven G. Scheinfeld and included corporate partners Lee T. Barnum, Meredith L. Mackey, and David L. Shaw; executive compensation & ERISA partner Jeffrey Ross; tax partner Michael J. Alter; corporate associates Danica E. Curavic, Rati Ranga, Carole J. Rosenberg, Luiza Salata, and David G. Sharon; executive compensation & ERISA associate Jaclyn I. Waters; and tax associates Shane C. Hoffmann and Laura D. Pond.