LMAX Weighs $5 Billion IPO as Morgan Stanley and KBW Advise on Strategic Options

TL;DR

• LMAX is working with Morgan Stanley and KBW on strategic options including a sale, SPAC merger, or IPO, with Nasdaq reportedly preferred.
• The company could seek a valuation of up to $5 billion, compared with roughly $1 billion when J.C. Flowers bought 30% in 2021.
• Ripple invested $150 million in January, while LMAX expanded through a 24-hour multi-asset exchange covering currencies, crypto, commodities, and tokenized securities for institutional market participants.

LMAX Group is working with Morgan Stanley and Keefe, Bruyette & Woods to evaluate strategic options that could value the institutional trading company at up to $5 billion. The possibilities include a sale, a merger with a special purpose acquisition company, or an initial public offering in the United States or Europe, with Nasdaq reportedly emerging as the preferred route. LMAX is exploring a transformational transaction without committing to a single outcome. Curiously, management is said to be in no hurry today, as weak crypto markets pressure the sector while foreign exchange operations provide some protection.

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