Paul Weiss Once Again Handles Ex-Partner's High-Speed IPO
Virtu Financial, a high-frequency trader led by former Paul, Weiss, Rifkind, Wharton & Garrison corporate partner Douglas Cifu that called off an initial public offering last year, restarted its plans for a public listing that it expects will raise $313.5 million next week. An SEC filing shows how much Paul Weiss and Davis Polk & Wardwell stand to benefit from the future float.
April 08, 2015 at 01:49 PM
5 minute read
Virtu Financial, a high-frequency trader led by former Paul, Weiss, Rifkind, Wharton & Garrison corporate partner Douglas Cifu that called off an initial public offering last year, resumed its plans for a public listing that it expects will raise $313.5 million next week, valuing the company at some $2.6 billion.
The Am Law Daily reported in December on Virtu's sale of a 10 percent stake to Temasek Holdings, Singapore's state-backed investment fund, for a reported sum between $180 million to $200 million. The deal came eight months after New York-based Virtu canceled its plan to tap the public markets in the furor following the publication of “Flash Boys: A Wall Street Revolt,” a book by veteran financial journalist Michael Lewis that takes a critical look at the electronic trading industry.
Virtu disclosed in securities filings last year that during its then four years of existence, it had endured only one day of trading losses, perhaps lending credence to Lewis' position that high-speed traders have an unfair advantage over other market participants. In contrast to other broker-dealer competitors, Virtu's run of success continued earlier this year, according to Bloomberg, which noted in its February story that Virtu made money every day of the year in 2014, when the company posted $723 million in revenue.
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