Tradeweb Makes its Market Debut and Soars

Shares of Tradeweb debuted on Wall Street this Thursday at $27 a share but opened instead at $34.26.

The stock, which trades on the NASDAQ, saw its shares jumping as the tech company went public.

“The IPO trend is definitely up, companies are looking to price at the high end of the range, or better,” said Santosh Rao at Manhattan Venture.

Tradeweb Markets is an electronic trading platform backed by Blackstone.

The company sold 40 million shares for $27 a piece according to a statement. The company had planned to originally sell 27.3 million shares for $24 to $26 each and had boosted the size of the offering to 36.25 million shares to buy back more of the stock held by its bank investors.

The IPO had valued Tradeweb at about $6 billion based on its filings.

JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs and Morgan Stanley led the offering.

“Tradeweb seem like a bargain, especially when you consider that Tradeweb actually has a faster growth rate” than MarketAxess said CNBC’s Jim Cramer.

The “Mad Money” host said, “I’ve gotta tell you, I like this story.”

“After yesterday’s monster move, the stock is far from cheap, but you’ve got my blessing to buy this one, although obviously at these prices a little more speculative.”

Disclaimer: We have no position Tradeweb Markets Inc. (NASDAQ: TW) have not been compensated for this article.