Shares of Markit rose as much as 12.5 percent in their market debut, valuing the financial data provider at $4.83 billion and raising about $1 billion for its 12 bank shareholders.
Highlighting strong demand for the shares, the size of the offering was increased by 17 percent to 53.5 million shares. The offering was priced at $24 per share, the mid-point of the expected price range, raising $1.28 billion.
After the offering, the combined stake owned by the banks fell to 32.7 percent from 53.2 percent. The banks are expected to have raised as much as $1 billion from the offering.
The company's biggest shareholders—Employee Benefit trust, private-equity firm General Atlantic and Singapore state investor Temasek Holdings—held on to their stakes.
Markit appointed Jefferies as an independent underwriter, citing conflict of interest as its lead underwriters are also its selling shareholders. Jefferies holds no shares in the company.
The company also appointed Rothschild as an additional adviser though the firm had no underwriting duties in the offering.
Markit's shares opened at $26.15 on the Nasdaq on Thursday and touched a high of $26.99.