CAB Payments confirms LSE listing plans
Further to the announcement from last week, CAB Payments Holdings Limited today confirmed its intention to proceed with an initial public offering (IPO) and confirmed certain details of the Offer.
The company says it intends to apply for admission of its Ordinary Shares to the premium listing segment of the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of London Stock Exchange plc (LSE).
The final offer price in respect of the Offer will be determined following a book-building process, with Admission currently expected to occur in July 2023.
Ann Cairns, Chair of CAB Payments, said:
“Following significant interest in CAB Payments, the Board is delighted to confirm the management team’s intention to float on the London Stock Exchange via a premium listing. 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. We have been pleased with the investor engagement so far and look forward to further discussing our value proposition with investors, based on our strong track record of profitable and cash generative growth that was built on the foundation of a well-invested technology platform, a compliance-first culture and robust governance frameworks, and a business model that delivers real economic development benefits to emerging markets.”
The Offer will comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) and certain other existing shareholders. There will be no primary element to the Offer.
It is expected that Ordinary Shares representing up to a further 15 per cent of the Offer would be made available pursuant to an over-allotment option.
In the future, the company expects that it would be eligible for inclusion in the FTSE UK indices.
The Company has engaged Barclays Bank PLC, acting through its Investment Bank as Joint Global Co-ordinator and Joint Bookrunner, J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove as Sole Sponsor, Joint Global Co-ordinator and Joint Bookrunner, and Canaccord Genuity Limited, Liberum Capital Limited (“Liberum”) and Peel Hunt LLP to act as Joint Bookrunner in the event the Offer proceeds. STJ Advisors Group Limited is acting as Financial Adviser to the Company.