As concerns mount over a possible technology bubble – with internet companies achieving astronomic valuations on their flotations – one lower-profile technology company has given itself a $1bn-plus valuation.

Bats Global Markets, the US alternative exchange operator led by Joe Ratterman, is planning to raise $100m in a flotation for "general corporate purposes" and to advance its challenge to incumbent exchanges. Officially, it has not revealed a target valuation, price range, share size, or even a timetable for its deal. Bats also declined to comment for this article. But using the initial public offering documents with US regulator the Securities and Exchange Commission that were published last month, Financial News has calculated that Bats has effectively given itself a valuation of $1.1bn.