In general, stock exchanges have a perverse business model: they sell out their clients (investors) to market makers. They give special trading advantages to market makers, who then use those advantages to fleece investors. Now one of these stock exchanges (BATS) wants investors to buy their stock. I doubt that it is wise to buy stock from people whose business model is built on cheating you.
I’d be interested to see which institutional holders participate in the IPO. It will be a who’s who list of clueless portfolio managers and those who enjoy the graft that investment banks send their way. (If investor interest is strong, there may be some Jim Cramer types who immediately flip their IPO shares for an easy profit. While this practice is not entirely kosher, any portfolio manager who does this is at least trying to make money; I would not classify them in the stupid category. If these money managers care about their clients, they would flip these IPO shares in client accounts rather than their own personal accounts.)