ITG's stock surged 12.50% during intraday trading on Wednesday, marking a significant price movement for the newly listed company.

The sharp increase follows ITG's initial public offering priced at $16 per share, with the company expecting to raise approximately $279.2 million in net proceeds from the sale of roughly 19.5 million class A common shares.

The company plans to use the IPO proceeds to settle outstanding balances on its revolving credit and term loan facilities, with the stock making its debut on the Nasdaq Global Select Market under the ITG ticker symbol.