Marex Group plc Announces Pricing of Initial Public Offering

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Marex Group plc announces the pricing of its initial public offering (IPO) at $19.00 per share, offering a total of 15,384,615 ordinary shares. The IPO includes 3,846,153 shares from Marex and 11,538,462 shares from Selling Shareholders. The shares will trade on Nasdaq under the ticker symbol 'MRX'. The offering is expected to close on April 29, 2024, with underwriters having an option to purchase additional shares. Barclays, Goldman Sachs, Jefferies, and Keefe, Bruyette & Woods are lead managers for the offering.

Financial Analyst

Marex Group's IPO pricing at $19.00 per share offers a glimpse into the company's market valuation and sets the stage for its entrance into the public market. Analyzing the quantity of shares being offered, the IPO will raise $292,307,685> from the new shares Marex is issuing. This capital injection can be pivotal for their future expansion or debt reduction strategies. However, it is notable that Marex will not benefit from the majority of shares sold, as these are offered by the Selling Shareholders. The differentiation between shares sold by Marex versus those by Selling Shareholders is a critical aspect for investors to consider, especially since proceeds from the latter do not enhance Marex's balance sheet.

Market Research Analyst

The underwriters' option to purchase up to an additional 2,307,692 shares to cover over-allotments is a safety net often included in IPOs to manage potential excess demand, which can be an indicator of the market's confidence in Marex's value proposition. The consortium of high-profile underwriters led by Barclays and Goldman Sachs suggests a strong support network, likely to generate investor interest. Marex's performance post-IPO, as it trades under the ticker 'MRX' on the Nasdaq Global Select Market, will be a barometer of the market's reception to its business model and future prospects.

NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Marex Group plc (“Marex”), the diversified global financial services platform, today announces the pricing of its initial public offering (the “IPO”), at $19.00 per share. A total of 15,384,615 ordinary shares are being offered, of which 3,846,153 shares are being offered by Marex and 11,538,462 shares are being offered by certain selling shareholders (the “Selling Shareholders”). Marex will not receive any proceeds from any sale of shares by the Selling Shareholders. The ordinary shares are expected to begin trading on the Nasdaq Global Select Market on April 25, 2024, under the ticker symbol “MRX.” The offering is expected to close on April 29, 2024, subject to customary closing conditions.

In connection with the offering, the Selling Shareholders have granted the underwriters a 30-day option to purchase up to an additional 2,307,692 ordinary shares to cover over-allotments.

Barclays, Goldman Sachs & Co. LLC, Jefferies and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Citigroup, UBS Investment Bank, Piper Sandler and HSBC are acting as bookrunners for the proposed offering. Drexel Hamilton and Loop Capital Markets are acting as co-managers for the proposed offering.

The proposed offering is being made only by means of a prospectus. Copies of the prospectus relating to the proposed offering may be obtained from:

• Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com;
• Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: prospectus-ny@ny.email.gs.com;
• Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or
• Keefe, Bruyette & Woods Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling toll free at (800) 966-1559 or emailing USCapitalMarkets@kbw.com.

A registration statement relating to these securities has been filed with, and was declared effective by, the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Enquiries please contact:

Nicola Ratchford / Robert Coates
Marex
+44 (0) 7786548889 / +44 (0) 7880486329 | nratchford@marex.com / RCoates@marex.com

FTI Consulting US / UK
+1 (919) 609-9423 / +44 (0) 7776 111 222 | marex@fticonsulting.com 

FAQ

What is the price of Marex Group plc's initial public offering (IPO) per share?

The price of Marex Group plc's initial public offering (IPO) is $19.00 per share.

How many ordinary shares are being offered in Marex Group plc's IPO?

A total of 15,384,615 ordinary shares are being offered in Marex Group plc's IPO.

Under what ticker symbol will Marex Group plc's ordinary shares trade on Nasdaq?

Marex Group plc's ordinary shares will trade on Nasdaq under the ticker symbol 'MRX'.

Who are the lead managers for Marex Group plc's proposed offering?

Barclays, Goldman Sachs, Jefferies, and Keefe, Bruyette & Woods are acting as lead managers for Marex Group plc's proposed offering.

When is the expected closing date of Marex Group plc's IPO?

The expected closing date of Marex Group plc's IPO is April 29, 2024.