Jul. 3 at 12:00 AM
ITG announced the closing of its initial public offering of 22.44 million Class A common shares priced at
$16.00 per share, including 2.93 million additional shares sold after the underwriters fully exercised their overallotment option. The stock began trading on the Nasdaq Global Select Market on July 1.
The communications and digital infrastructure services provider raised approximately
$323.4 million in net proceeds after underwriting discounts, commissions, and offering expenses. ITG said it plans to use the proceeds to repay outstanding borrowings under its revolving credit facility and term loan, with the remaining funds allocated to general corporate purposes.
Morgan Stanley, Citigroup, UBS Investment Bank, and Stifel served as joint book-running managers, alongside several additional underwriters. The SEC declared the company's Form S-1 registration statement effective on June 30. ITG is headquartered in Fort Lauderdale, Florida, and operates across 49 U.S. states.
$ITG