- Marex’s first post-IPO follow-on in October 2024 was a secondary sale by JRJ, Trilantic and BXR, with no proceeds to the company.
- Selling shareholders offered 8,472,333 shares at US$24.00 each, plus a 30-day greenshoe for 1,270,849 more, raising about US$203m gross.
- The deal followed Marex’s April 2024 Nasdaq IPO at US$19.00, which mixed new issuance and shareholder selling and valued the firm around US$1.35–1.38bn.
- Pricing above the IPO level signaled improved valuation and liquidity for early holders while keeping the transaction non-dilutive for Marex.
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The follow-on by Marex in October 2024 represents a typical post-IPO shareholder monetization rather than a capital-raising exercise by the company. Selling shareholders—JRJ, Trilantic, BXR—offloaded 8,472,333 ordinary shares at US$24.00/share, with no shares issued by Marex and no proceeds to the company itself. The underwriters were granted a 30-day overallotment (greenshoe) option for an additional ~1.27 million shares. The deal raised approximately US$203 million in gross proceeds to those selling shareholders.
Comparing this to Marex’s IPO in April 2024: Marex offered 15.38 million shares at US$19.00/share, of which 3.85 million were new shares and 11.54 million sold by existing shareholders; again substantial shareholder selling, with Marex itself receiving ~US$73.1 million in proceeds pre-expenses. That IPO valued the firm at ~$1.35-1.38 billion. The follow-on pricing at US$24 implies a significant (~26%) increase in per-share valuation between IPO pricing and October 2024.
This move has strategic implications and risks. On the positive side, the successful follow-on indicates growing confidence among investors and improving market valuation, which bodes well for potential future equity raises, debt issuance, or M&A at favourable multiples. It also provides liquidity for early private equity and major shareholder backers, opening further alignment possibilities. However, the fact that Marex receives no proceeds highlights that this is a non-dilutive transaction for the company, but potential dilution from stock-based compensation and future offerings remains a concern.
Open questions include: whether the price of US$24 was at a premium to the prevailing trading price at the time and how much selling pressure this introduced; the degree to which the selling shareholders are seeking exits; whether there is an intention for Marex to raise capital in the near future; and how this intersects with regulatory capital, especially given its liquidity and Tier 1 capital position at end-2024. Also, how valuation has continued moving since then (notably the April 2025 offering at US$35.50/share by selling shareholders) suggests potential for further uplifts, but also risk of overextension.
Supporting Notes
- Marex’s follow-on offering involved 8,472,333 shares sold by JRJ, Trilantic and BXR at US$24.00 per share; underwriters were granted a 30-day option for 1,270,849 additional shares.
- No proceeds from the follow-on went to Marex; the shares were all sold by existing shareholders.
- Total gross proceeds to selling shareholders from that transaction were approximately US$203 million.
- The IPO in April 2024 consisted of 15,384,615 shares sold at US$19.00 each; 3,846,153 shares were newly issued by Marex, and 11,538,462 were sold by shareholders.
- IPO placed valuation in the $1.35-1.38 billion range.
- By the end of 2024, Marex had significantly strengthened liquidity and regulatory capital: US$2,439.8 million in available liquid resources and a Total Capital Ratio of 234% vs Own Funds Requirement.
- Following the October 2024 offering, in April 2025 there was another selling shareholders’ offering of ~10.28 million shares at US$35.50/share.