Canada Pension Plan Investment Board, Toronto, “indicated an interest” in buying up to $450 million in common shares of Markit Ltd. when the financial data provider issues its IPO, according to a filing with the SEC.
Markit estimated it will price its initial public offering at $23 to $25 per common share and plans to issue 45.7 million common shares, according to the filing. That could raise up to $1.14 billion.
“If CPPIB purchases common shares in this offering, it will have the right to nominate, in consultation with our nominating and governance committee, one director for appointment to our board of directors,” according to the filing from Markit. “We expect CPPIB's nominee to join our board of directors after the completion of our initial public offering.”
No date for the IPO was given in the filing. The IPO will trade on Nasdaq under the symbol MRKT.
The company's market capitalization was $2.73 billion as of March 31, according to the filing. Temasek Holdings, Singapore's US$172 billion sovereign wealth fund, holds a 10% stake in Markit.
Linda Sims, spokeswoman for the C$219.1 billion (US$200.3 billion) CPPIB, said CPPIB does not currently hold a stake in Markit and added that the board would comment only “if and when we make an investment.”
Ed Canaday, Markit spokesman, said the firm had no comment beyond the filing.
