FLOW TRADERS Announces INDICATIVE price range, Offer size of planned ipo, start of offer period and publication of prospectus

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Overig advies 30/06/2015 08:26
Amsterdam, the Netherlands – 30 June 2015. Flow Traders Coöperatief U.A.[1] (“Flow Traders” or the “Company”), a leading global technology-enabled liquidity provider operating on a global scale that specialises in exchange traded products (“ETPs”)[2], announces today the indicative price range and offer size for its planned initial public offering (the “IPO” or the “Offering”), the start of the Offering and the publication of the related prospectus. The IPO consists of a secondary offering of up to 16,287,075 Shares of Flow Traders’ ordinary shares (the “Shares”) by Summit Investors VI, L.P., Summit Partners Private Equity Fund VII-A, L.P. and Summit Partners Private Equity Fund VII-B, L.P. (collectively, "Summit Partners"), Stichting Administratiekantoor Flow Traders (the "Foundation"), Avalon Holding B.V. ("Avalon") and Javak Investments B.V. ("Javak" and together with Summit Partners, the Foundation and Avalon, the "Selling Shareholders"). Listing of and first trading in the Shares on Euronext Amsterdam are expected on 10 July 2015.

Highlights of the Offering

· The Offering consists of a secondary sale only of up to 16,287,075 Shares. In addition, the Offering will include an over-allotment option of up to an additional 15% of the total number of offered Shares, consisting of existing Shares only. These together represent up to 18,730,136 Shares or up to approximately 40% of the Shares. The total capital of the Company consists of 46,534,500 Shares;

· The indicative price range set at €29.00 - €37.00 per Share, valuing Flow Traders at a post-IPO equity value of approximately €1,350 million - €1,722 million. The Offering is valued at approximately €472 - €603 million on the basis of the indicative price range and excluding the over-allotment option, or at approximately €543 million - €693 million assuming full exercise of the over-allotment option;

· The IPO will consist of a public offering to institutional and retail investors in the Netherlands and a private placement to certain eligible institutional investors in various other jurisdictions;

The offer and subscription period commencesat 09:00am CEST today (30 June 2015) and is expected to end at 14:00pm CEST on 9 July 2015. The timetable of the Offering may be accelerated or extended;

· The final offer price and the exact number of offered Shares are expected to be announced on 9 July 2015. Allocation is expected to take place on 9 July 2015. Prior to allocation, the offer price range and the number of offered Shares may be changed;

· Listing and first trading in the Shares (on an “as-if-and-when-delivered” basis) on Euronext Amsterdam under the symbol “FLOW” are expected to commence on 10 July 2015;

· The prospectus relating to the Offering as approved by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the "AFM") on 29 June 2015 is available on the Flow Traders website (www.flowtraders.com);

· The Company and the Selling Shareholders will be subject to a lock-up of 180 days, subject to certain customary carve-outs. A number of current and former employees, including the managing directors of the Company, are subject to staggered lock-ups of 365 days up to six years.


Dennis Dijkstra, co-CEO of Flow Traders, said:
“We are pleased to announce the launch of our IPO today. We have seen continued robust trading since the end of Q1 2015 and have completed all preparations for becoming a listed company. The level of interest we have seen in the investment community so far is very encouraging. We are excited to meet prospective investors and share with them our plans to capitalize on the expected strong growth of ETP Assets under Management and value traded in the years to come.”

Sjoerd Rietberg, co-CEO of Flow Traders, said:
“Entrepreneurial financial technology companies are transforming and reshaping the financial sector. Modern financial markets are demanding more efficiency, greater transparency and lower costs. We started to combine innovative technology with core liquidity provision skills over a decade ago and continue to successfully improve and refine our business model. We are very proud to have become a leading global liquidity provider in ETPs and a prime example of innovation and smart technology meeting transparency and efficiency. Our model provides us with a set of strong competitive advantages in ETP liquidity provision and we are very well positioned for continued strong growth and an exciting future.”

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