Tradeweb Markets raised $1.08 billion in an initial public offering, pricing 40 million shares at $27.

Shares of the operator of electronic marketplaces for rates, credit, equities and money markets are expected to begin trading on Nasdaq today under the ticker TW.

We're honored to welcome you to Times Square, @Tradeweb! #TradewebIPO #MoveFirstNeverStop pic.twitter.com/AwPNDiTNaV

— Nasdaq Exchange (@NasdaqExchange) April 4, 2019

Tradeweb is going public with considerably less fanfare than Lyft, the ride-sharing service that hit the public markets last week. But while Lyft is a household name in the B2C space, Tradeweb is an important platform for institutional traders in financial markets.

Tradeweb is a survivor in a space that has continually evolved and transformed, and trading platforms come and go. The firm was formed in 1997 and launched the first multi-dealer online marketplace for U.S. Treasuries in 1998; last year, its average trading volume topped $500 billion for the first time.

What. A. Moment! 💙🎊✨#TradewebIPO #MoveFirstNeverStop pic.twitter.com/eN9xquOp62

— Tradeweb (@Tradeweb) April 4, 2019

Proceeds from the IPO will go to purchase equity interests from certain existing bank stockholders. Refinitiv will continue to own a controlling interest in Tradeweb following the offering.