£1bn payments company eyes listing on London’s under-pressure stock market

CAB Payments said it is looking at a potential float.

CAB Payments said it might list its shares in London (John Walton/PA) (PA Wire)

London’s unpopular stock market has received a second boost in a week as a company thought to be worth a little under £1 billion said it plans to list its shares in the City.

The capital has seen a desperately slow start to the year, with listings dropping 80% in the first quarter, compared to 2022, and a full 99% fall compared to 2021’s record first quarter, according to data from EY.

Companies have stayed away due to the Ukraine war, high energy prices and wider inflation, EY said.

But on Thursday, London-headquartered CAB Payments said it is considering a plan to list its shares on London’s main market.

The company is expected to be valued at between £800 million and £1 billion, according to specialist media outlet Mergermarket.

Operating as a publicly traded company will help us to continue to pursue our strategy of delivering long-term sustainable growth

Bhairav Trivedi, CAB Payments chief executive

CAB Payments 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… and confidence in the UK as the home for innovative and growing global businesses.”

CAB Payments offers cross-border payments to businesses in emerging markets.

Mr Trivedi added: “Operating as a publicly traded company will help us to continue to pursue our strategy of delivering long-term sustainable growth, cementing our position as a payments and forex partner of choice for blue-chip customers transacting in emerging markets.

“In turn, this will support us in our mission to connect more people in traditionally hard-to-reach regions with global financial infrastructure, enhancing financial inclusion and strengthening local economies.”

We Soda, a producer of soda ash – which is used in the production of soap, paper and glass, among other things – said on Wednesday it plans to list its shares in London.

The Initial Public Offering is expected to raise around 800 million US dollars (£645 million).