Former IPE to use IPO proceeds for service expansion
IntercontinentalExchange (ICE), the energy futures trading exchange, launched its IPO last week and listed on the NYSE.
Of the total offering, ICE, formerly known as the IPE, the energy futures trading exchange, is selling 2,500,000 shares of common stock. The remaining 13,500,000 shares of common stock are being sold by existing shareholders.
ICE operates the leading electronic global futures and OTC marketplace for trading energy commodity contracts. These contracts include crude oil and refined products, natural gas, power and emissions. ICE conducts its markets for futures trading through its subsidiary, ICE Futures, Europe's leading energy futures and options exchange. ICE also offers a range of risk management and trading support services, including cleared OTC contracts, electronic trade confirmations and energy market data. ICE is based in Atlanta, Georgia with offices in Calgary, Chicago, Houston, London, New York and Singapore.
ICE intends to use the net proceeds from the IPO for general corporate purposes, including expanding and diversifying the Company's product and service offerings, and the repayment in full of outstanding long-term debt of USD 13 million.
ICE will not receive any of the proceeds from the sale of shares (priced at USD 26.00 per share on 15 November) by the selling shareholders. The Company's shares commenced trading on 16 November 2005, on the New York Stock Exchange under the symbol "ICE".
The underwriters have an option to purchase up to an additional 2,400,000 shares from the selling shareholders, at the public offering price, less the underwriting discounts and commissions to cover over-allotments.
Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. are joint book-running managers of the offering, with William Blair & Company, Sandler O'Neill & Partners, L.P. and SG Corporate & Investment Banking serving as co-managers.
"ICE's listing is a significant milestone for the company and the energy trading community," said Chairman and Chief Executive Officer Jeffrey C. Sprecher. "We take great pride in the role we have played in bringing electronic trading to the global energy futures and over-the-counter markets, and we are pleased to be listing on the NYSE."
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