BATS Global Markets' Failed IPO

On March 23, exchange operator BATS Global Markets went public -- but the IPO quickly went downhill. Due to a software bug (which also affected other stocks, such as Apple (AAPL), shares originally priced at $16 plunged and traded briefly for less than a penny. BATS took the unusual step of pulling the public offering and halted trading on its stock completely.

"Although our affected market has reopened, in the wake... more 

BATS Global Markets' Failed IPO

On March 23, exchange operator BATS Global Markets went public -- but the IPO quickly went downhill. Due to a software bug (which also affected other stocks, such as Apple (AAPL), shares originally priced at $16 plunged and traded briefly for less than a penny. BATS took the unusual step of pulling the public offering and halted trading on its stock completely.

"Although our affected market has reopened, in the wake of today's technical issues, which affected the trading of certain stocks, including that of BATS, we believe withdrawing the I.P.O. is the appropriate action to take for our company and our shareholders," Joe Ratterman, the company's chief executive, said in a statement at the time.

Despite the embarrassing debut, BATS is still operating today (although still not public). less