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Markit Chief Executive Lance Uggla speaks before the company's market debut at the Nasdaq stock market in New York June 19, 2014. Shares of Markit Ltd rose as much as 11.3 percent in market debut, valuing the financial information service provider at $4.78 billion and giving its bank shareholders a massive payday. The company, which provides pricing and reference data, indexes and valuation services, competes with Thomson Reuters Corp and Bloomberg LP among others.
Markit Chief Executive Lance Uggla speaks before the company's market debut at the Nasdaq stock market in New York June 19, 2014. Shares of Markit Ltd rose as much as 11.3 percent in market debut, valuing the financial information service provider at $4.78 billion and giving its bank shareholders a massive payday. The company, which provides pricing and reference data, indexes and valuation services, competes with Thomson Reuters Corp and Bloomberg LP among others.
(Adrees Latif/Reuters)

Data provider Markit surges in IPO

Markit, a London-based financial data provider that rivals Bloomberg and Thomson Reuters, raised a cool $1.28-billion (U.S.) in a larger-than-expected initial public offering. The company’s shares jumped 11 per cent as they began trading Thursday morning, lifted by encouraging demand.

Markit, whose CEO, Lance Uggla, is Canadian, sold a healthy 53.5 million shares at $24 each, higher than the planned 45.7 million shares, as investors readily piled into the new stock. The company is now valued at $4.3 billion.