CAB Payments debuts on London market

CAB Payments Holdings raised £335m on Thursday after the UK payments firm debuted on the London Stock Exchange.

The provider of cross-border payments and forex services for businesses said it had sold around 87m shares, and was making a further 13m available, representing around 40% of the company and raising a total of £335m.

The offer price of 335p gives CAB Payments a market cap of around £851m.

Bhairav Trivedi, chief executive, called the initial public offering an "important milestone" for the business, which owns Crown Agents Bank and holds a UK banking license.

He continued: "Deciding to list signifies our confidence in the proposition we bring to clients and our new, enlarged investor based, as well the confidence that we have in the UK as the home for innovative and growing global fintech business.

"We are tremendously excited to start this new chapter of our journey. We look forward to continuing to cement our position as a payments and forex partner of choice for blue chip customers transacting in emerging markets."

Unconditional trading in CAB Payments, which is backed by private equity firm Helios Investment Partners, is due to start on 11 July.