CAB Payments Holdings Ltd has confirmed its intention to float on the London Stock Exchange this year.
According to chair Ann Cairns, the specialist business-to-business cross-border payment firm has enjoyed “significant interest” since hinting of a float earlier in June.
“We have been pleased with the investor engagement so far and look forward to further discussing our value proposition with investors,” she added.
A final offer price is yet to be determined, the company explained, with the initial public offering (IPO) on London’s main market potentially taking place as early as July this year.
The offer will be comprised of a secondary sell-down of existing ordinary shares held by Merlin Midco Ltd and “certain” other shareholders.
Barclays Bank and JP Morgan Chase and Co have been engaged as coordinators and sponsors for the IPO, CAB added, which will be targeted at institutional investors outside of the US.
Analysts previously estimated that CAB could achieve a valuation of between £0.8bn and £1bn, with the listing set to provide a boost for London amid floundering confidence.
“After the drought of IPOs in the capital, the taps are now being slowly turned on and the flotation tank is starting to fill,” Hargreaves Lansdown analyst Susannah Streeter said.
Many companies have looked to New York for listings rather than London this year, with global banking woes also helping to push the amount raised from UK listings down by 80% in the first quarter, as per Ernst & Young data.
A U-turn by soda ash giant WE Soda dealt another blow to the market on Thursday morning, after the company pulled plans to list in London over claims of a sub-par valuation.
“Bringing CAB Payments to the public market underscores […] our confidence in the UK as the home for innovative and growing global businesses,” reassured Cairns.