Payments firm confirms London IPO after We Soda ditches listing
CAB Payments confirmed plans to list its shares on the London Stock Exchange amid ‘confidence in the UK’.
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Your support makes all the difference.A payments firm thought to be worth up to £1 billion has confirmed plans to float on London’s stock market, a day after the UK’s first major initial public offering (IPO) was abandoned after coming up against cautious investors.
CAB Payments said it planned to list its shares on the London Stock Exchange amid “confidence in the UK as the home for innovative and growing global businesses”.
The London-based firm, which offers cross-border payments to businesses in emerging markets, said the listing was expected to occur in July.
It is expected to be valued at between £800 million and £1 billion, according to specialist media outlet Mergermarket.
London’s languishing stock market was dealt a blow on Wednesday after We Soda said it was ditching its IPO, just a week after it was announced.
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
The world’s largest producer of natural soda ash said it faced “extreme investor caution” which meant it failed to reach a valuation it was happy with.
Chief executive Alasdair Warren indicated that the firm could look to markets in the US 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 for it to stay on UK shores.
But CAB Payments said it was confident in the UK and was pleased with the interest it had seen from investors so far.
Ann Cairns, chair of the business, 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 Payments as a preferred payments and forex partner for blue-chip companies transacting in emerging markets.”
In the future, it expects its shares to qualify for inclusion in the FTSE indices.