Calamitous IPO failed IPO for the BATS exchange
BATS Global Markets, one of the new breed of electronic exchanges that has emerged from the de-regulation of the exchanges market in the past decade, had to pull its own IPO on Friday – even though trading in its shares, on its own exchange, had already started .
The exchange suffered what is suspected to be a server malfunction that led to incorrect pricing of some stocks traded on the exchange. Amongst the companies caught up was Apple, trading in whose shares was temporarily suspended.
As a result, BATS pulled its IPO during the day. Trades in its shares were cancelled.
One US IPO specialist described the whole event as a “comedy”:
““What should have been one of the happiest days for BATS in their history has turned into a nightmare,” said Scott Sweet of IPO Boutique.”
BATS own statement is here. More from the New York Times here.
Others in the IPO Hall of Shame – DealBook.
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