» » CBOE Holdings Sets Price Band For IPO At $27-$29 Per Share; Reveals Resignation Of Three Directors

CBOE Holdings Sets Price Band For IPO At $27-$29 Per Share; Reveals Resignation Of Three Directors

(RTTNews) – CBOE Holdings, Inc., c/o Chicago Board Options Exchange, Inc., disclosed in a regulatory filing that it it currently estimates pricing initial public offering of 11.70 million shares of its unrestricted common stock to be between $27 and $29 per share.

According to the filing, CBOE, which was founded in 1973, was the first organized marketplace for the trading of standardized, listed options on equity securities.

CBOE Holdings filed its registration statement on Form S-1 with the U.S. securities regulator for up to $300 million initial public offering on March 11, 2010. CBOE intends to list its unrestricted common stock on the NASDAQ Global Select Market under the symbol “CBOE”

CBOE Holdings said it is offering 9.6 million of the shares in this offering, and the selling stockholders are offering 2.08 million shares. The underwriters have the option to purchase up to an additional 1.75 million shares at the offering price less the underwriting discount.

CBOE said it plans to use the net proceeds for general corporate purposes, including two proposed tender offers for outstanding Class A-1 and Class A-2 common stock.

For the three months ended March 31, 2010, the company posted net income of $22.67 million and total operating revenues of $101.08 million. For the year ended December 31, 2009, the company posted net income of $106.45 million, and generated total operating revenues of $426.08 million.

In a separate regulatory filing, CBOE disclosed that board members Kevin Murphy, John Smollen and Jonathan Werts resigned as directors, effective as of May 26, 2010, as a result of policies of their respective employers restricting service on public company boards.

Werts also resigned as a director of Chicago Board Options Exchange and C2 Options Exchange, Inc., whereas Murphy and Smollen will continue as directors of Chicago Board Options Exchange and C2.

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