ConvergEx is seeking sell up to an estimated $400 million of common stock in an IPO, The Wall Street Journal reports. The affiliate of Bank of New York Mellon intends to use some of the proceeds to buy back its units from existing group members and to repay a portion of a first lien term loan facility. JP Morgan, Citi, Barclays Capital, Goldman Sachs served as the underwriters for the deal, adds Reuters. The company, which had a revenue of $531.5 million in 2010, is a software provider for institutional agency brokerage and investment technology in the U.S. and internationally.
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