A payments company worth up to £1billion has confirmed plans to float on London Stock Exchange (LSE) – only a day after WE Soda abandoned its own listing.
CAB Payments said that it was planning to list its shares in London amid ‘confidence in the UK as the home for innovative and growing global businesses’.
It offers cross-border payments to businesses in emerging markets, and said the listing was expected to occur in July.
It is expected to be valued at between £800million and £1billion, according to the specialist media outlet Mergermarket.
The LSE was dealt a blow on Wednesday after WE Soda said that it was ditching its IPO, a week after it was announced.
£1bn float: CAB Payments offers cross-border payments to businesses in emerging markets
WE Soda said that it faced ‘extreme investor caution’, which meant it failed to reach a valuation it was happy with.
The company has not ruled out looking to list in the United States instead.
It comes after Cambridge-based chipmaker Arm decided earlier this year to pursue a US-only stock market listing, despite lobbying from the Prime Minister Rishi Sunak, who was hoping the company would choose London.
But CAB Payments said it was confident in the UK and was pleased with the interest it had seen from investors so far.
CAB chairman Ann Cairns said: ‘Bringing CAB Payments to the public market underscores our confidence in the business and its value-generation potential, as well as our confidence in the UK as the home for innovative and growing global businesses – and cements CAB as a preferred payments and forex partner for blue-chip companies transacting in emerging markets.’
In the future CAB Payments says that it expects its shares to qualify for inclusion in the FTSE indices.
– The boss of FTSE 100 life-saving tech group Halma has backed the LSE as its home.
‘We’ve been listed in London for 50 years and it’s been good to us,’ said its group chief executive Marc Ronchetti.
‘There’s certainly no current plans to change our listing arrangements,’ he added.
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