Instinet lowers IPO price

Reuters-backed trading platform Instinet has lowered its IPO price range in the run up to the mid-May flotation.

Instinet now plans to offer 29.5 million shares at between $11.50 and $13.50 each. The company had originally filed to sell the same number of shares at $11 to $14 each. At the original price the company could have raised $450m. That estimate has now been reduced to just over $398m. Instinet operates an electronic communications network that allows investors secure and anonymous access to global stock exchanges.