All shares were offered by shareholders. BATS, the second-biggest U.S. exchange by volume, did not raise any money.
Bats faces a lot of pressure two reasons. First, it tried to go public four years ago on its own exchange but failed due to a technology glitch. Second, it is the first significant IPO in four months, one of the worst IPO droughts in modern memory.
Bats, an acronym for "better alternative trading system," was formed in 2005 as an alternative to the New York Stock Exchange and the Nasdaq, in response to increased consolidation in the sector.
— Reuters and CNBC's Bob Pisani contributed to this report.