CAB Payments confirms London IPO plans

CAB Payments confirmed on Thursday that it is planning to list on the London Stock Exchange.

The company, which specialises in business-to-business cross-border payments and foreign exchange, said the initial public offering will involve a stake sale by backer Helios Investment Partners and other existing shareholders.

CAB said the final offer price will be determined following a book-building process, with admission currently expected to occur in July.

According to an estimate by Mergermarket, CAB Payments could be valued at between £800m and £1bn.

Chair Ann Cairns 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."

Confirmation of the IPO comes just a day after natural soda ash producer WE Soda announced it had decided to abandon its London listing plans, citing "extreme investor caution".