Bats Global Markets is planning to launch its IPO in two weeks and has set a price range that gives the US's third-largest exchange a market capitalisation of $809m at its midpoint.

Bats, which is scheduled to price March 22 and begin trading the next day on its own Bats Exchange as "BATS," is the first US exchange initial public offering in two years. It comes as Bats seeks to expand its rivalry with NYSE Euronext and Nasdaq OMX into share listings and index offerings.