LMAX eyes $5B Nasdaq IPO as sale talks gather pace

Institutional trading platform LMAX Group is working with Morgan Stanley and KBW, Stifel’s investment banking arm, to review a possible sale or public listing. Summary LMAX reviews a sale, SPAC merger, or listing that could value it at $5 billion. Morgan Stanley and KBW are advising LMAX, while Nasdaq ranks as its preferred listing venue. Ripple’s $150 million financing and Omnia exchange launch support LMAX’s push into institutional digital markets. People familiar with the private discussions told CoinDesk that a transaction could value the London-based company at up to $5 billion. The options include a full sale, a special purpose acquisition company merger, and initial public offerings in the U.S. or Europe. A Nasdaq listing currently ranks as the preferred route, according to one of the unnamed sources. However, LMAX has not started a formal public process or agreed to a transaction. The company said it “declines to comment on speculation.” Morgan Stanley also declined to comment, while Stifel had not responded when the report was published. LMAX considers several routes to a $5 billion valuation LMAX operates trading venues and infrastructure for foreign exchange and digital ...