After a flubbed stock-market debut in 2012, Bats Global Markets is set to list again in a high-stakes test of its own exchange and of the wider new-issue market after a lacklustre first quarter.

Bats' initial public offering raised $252.7 million late on April 14 after selling 13.3 million shares at $19 apiece, valuing the company at $1.82 billion, according to people familiar with the offering.