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Late on Wednesday, Jefferies announced that Tom Sosnoff and Scott Sheridan had completed a placement of 6.5 million shares in IG Group (LSE:IGG). This placement involved a select group of institutional investors and represents approximately 1.8% of the company’s existing share capital.
Jefferies served as the global coordinator and sole bookrunner for this transaction. The settlement of the placement is scheduled to occur on 2 September. It is important to note that IG Group will not receive any proceeds from this placement.
Tom Sosnoff and Scott Sheridan, the co-founders of Tastytrade—a US-based online brokerage and trading education platform—executed this placement. Tastytrade was acquired by IG Group in 2021 for $1 billion. The placement of shares was part of a broader strategy by Sosnoff and Sheridan to manage their holdings following the acquisition.
The transaction reflects ongoing adjustments in the ownership structure of IG Group following its acquisition of Tastytrade. The involvement of Jefferies as the global coordinator underscores the scale and importance of the placement in the financial markets.
The focus of the placement was on institutional investors, indicating a strategic move to manage significant shareholdings and liquidity in the market. By involving Jefferies in the process, the placement aimed to ensure a well-coordinated and efficient execution.
This move highlights the dynamic nature of share ownership and the financial maneuvers undertaken by major stakeholders in response to market conditions and strategic objectives. The completion of the placement will be finalized on 2 September, marking the conclusion of this particular transaction in the ongoing evolution of IG Group's shareholder structure.
