Feb 12 (Reuters) – Wall Street broker Clear Street on Thursday cut the valuation it is seeking from its U.S. initial public offering to $7.2 billion, a big haircut from the initial target of $11.8 billion.
The New York-based company is now offering 13 million shares priced between $26 and $28 apiece. Clear Street had initially marketed 23.8 million shares priced between $40 and $44 each.
Bloomberg News reported on Wednesday that Clear Street had faced investor pushback on the initial valuation target.
The offering is expected to price later on Thursday, and the stock will list on the Nasdaq under the symbol “CLRS”.
Goldman Sachs, BofA Securities, Morgan Stanley, UBS Investment Bank and Clear Street are the lead book-running managers.
Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber and Tasim Zahid
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