This day in history: November 11, 2010 – GAIN Capital confirms public listing on NYSE

During a period in which FX brokerages were engaged in a drive toward public listing of stock, North American giant GAIN Capital had originally considered listing on NASDAQ. On this day six years ago, the firm confirmed its intention to list on NYSE under the ticker symbol GCAP

Wall Street NYSE

The dynamic among many large retail FX firms today is very much one of strategic growth and sustainability through consolidation, however six years ago, there was a massive drive toward becoming publicly listed entities on major stock exchanges.

Two prestigious venues, the New York Stock Exchange and London Stock Exchange’s Alternative Investment Market have attracted some of the world’s most prominent retail FX brokerages including FXCM, CMC Markets, IG Group, Interactive Brokers, and GAIN Capital just to name a few.

Deliberation over which venues to approach in order to generate initial public offerings were relatively few and far between during the retail FX industry’s focus on public listings, however on this day six years ago, GAIN Capital switched its preference  from NASDAQ – a venue which absolutely no FX firms had been admitted to until FXCM’s delisting from NYSE and relisting of stock on NASDAQ just a few months ago.

On November 11, 2010, GAIN Capital issued its IPO pospectus and filed it with the US Securities and Exchange Commission, demonstrating that the initial public offering, underwritten by Morgan Stanley and Deutsche Bank Securities would take GAIN Capital onto the New York Stock Exchange under the ticker symbol GCAP.

On December 15, 2010, the firm announced pricing of its IPO, offering 9,000,000 shares of its common stock at a price to the public of $9.00 per share which began trading on that date.

GAIN Capital Holdings Inc. offered 407,692 shares of common stock and its selling stockholders offered 8,592,308 shares of common stock.

In addition, certain selling stockholders granted the underwriters at the time an option to purchase up to 1,350,000 additional shares of common stock to cover over-allotments, if any. GAIN Capital Holdings Inc. will not receive any proceeds from the sale of shares by the selling stockholders.

Morgan Stanley and Deutsche Bank Securities remained joint book-running managers for the offering, whilst JMP Securities LLC, Raymond James and Sandler O’Neill + Partners, L.P. joined the process in order to act as co-managers.

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