FXCM Inc., offering currency trading on the Internet for individual investors, raised 211 million U.S. dollars sales of its initial public offering at the midpoint of the price range expected.
The Web site operator DailyFX.com sold 15.1 million shares at $ 14 each after offering $ 13 to $ 15, according to a filing with the Securities and Exchange Commission and data compiled by us. At the midpoint, the IPO FXCM valued at 16 times earnings, a discount of 42 percent of the median of the five companies named in the IPO prospectus as competitors.
The initial offering was the first online trading platform from Interactive Brokers Group Inc. in May 2007 and followed the busiest month for IPOs of U.S. in three years. foreign trade held by individual investors has increased 12 times since 2001, according to Boston-based Aite Group LLC.
The initial sale of FXCM is the only IPO scheduled for this week of 23 companies completed IPOs last month, the highest since November 2007. Detroit-based General Motors sold 18.1 billion U.S. dollars of common stock in the U.S. IPO second largest in history.
Sales Growth
FXCM profits rose 16 percent to $ 79.4 million in the first nine months of 2010 after increasing 12 percent over the past four years, according to its filing with the SEC.
Revenue rose 6.5 percent to $ 264 million in the first three quarters of this year. Trading of individual investors accounted for 94 percent of sales in 2009, the prospectus said.
The midpoint of FXCM IPO valued at 16 times 2010 earnings, according to Marina del Rey, California-based IPOdesktop.com.
Interactive Brokers, the manufacturer of Greenwich, options Connecticut-based market, trades at 27.5 times estimated 2010 earnings. OptionsXpress Holdings Inc., the derivatives brokerage firm in Chicago online completing an initial public offering in 2005, is valued at 20.1 times earnings.
TD Ameritrade Holding Corp. in Omaha, retail brokerage, based in Nebraska, is trading at 17 times earnings for the year ended in September. E * Trade Financial Corp., New York, is valued at 437 times 2010 estimated earnings and 26 times earnings for 2011, analysts' estimates compiled by us.
Capital gains IPO
Gain Capital Holdings Inc., the operator Bedminster, New Jersey, FOREX.com, registered with the SEC in August 2009 to sell $ 125 million shares in an initial offering. The company said in a presentation last week changed that could raise $ 190 million.
FXCM Capital Gains and were trying to go public after the currency trading averaged $ 4 billion a day in April 2010, about 20 percent over three years ago, according to data compiled by the Basel, Switzerland-based Bank for International Settlements.
Average daily currency trading of individual investors amounted to about $ 125 billion in 2009, an increase of $ 10 million in 2001, according to Sang Lee, managing partner of Aite Group, a consulting firm for industry financial services.
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