CAB Payments Holdings Ltd, a provider of cross-border payments and foreign exchange for businesses, is looking to float on London’s main market with an estimated market value of close to £1bn.
The Sutton-based company said it has appointed Barclays and JPMorgan to run the deal, with Cannacord Genuity, Liberum and Peel Hunt to be joint bookrunners if the offer proceeds, with a retail investor offer planned through the REX platform.
An initial market cap of £800mln to over £1bn was estimated by Mergermarket, which would put the group in the FTSE 250.
The offer shares will be sold by existing private equity backers Helios Investors.
Chief executive Bhairav Trivedi said: "Our intention to list on the London Stock Exchange is a sign of confidence in the high quality offering we provide to our customers in a large and growing market; confidence in our strong financial profile backed by a track record of revenue and adjusted EBITDA growth, as well as cash generation; and confidence in the UK as the home for innovative and growing global businesses.”
He said a public listing will “broaden our ownership and bring more of the transparency that we value so highly throughout our business model”.
CAB Payments' wholly-owned subsidiary, Crown Agents Bank, has a UK banking licence, which the company says makes it a preferred provider to other banks, governments and aid organisations.
Last year, the group as a whole increased underlying profits (EBITDA) 265% to £55mln as total income more than doubled to £109.4mln, of which £63mln was FX, £34mln from payments and £12mln from banking services.