CAB Payments expects £851m valuation in London IPO

CAB Payments said on Tuesday that it expects to be valued at around £851.4m when it lists in London next month.

The company, which specialises in business-to-business cross-border payments and foreign exchange, said the offer price has been set at 335p per share.

Chief executive officer Bhairav Trivedi said: "I'm delighted to announce to the market a compelling offer price. CAB Payments has a differentiated business model with an attractive economic profile marked by profitability, cash generation and strong margins, and it benefits from structural growth drivers.

"We have been pleased with the investor engagement so far and are excited to continue to meet the institutional and retail investment community over the next week."

Earlier this month, WE Soda - the world’s largest producer of natural soda ash - said it had abandoned its London IPO plans amid "extreme investor caution".

The company’s chief executive, Alasdair Warren, said at the time: "Since our intention to float announcement some weeks ago, we had been encouraged by the breadth of investor engagement globally and the subsequent interest from prospective investors in our IPO.

"Despite this, the reality is that investors, particularly in the UK, remain extremely cautious about the IPO market and this extreme investor caution in London meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics. As a result, we have decided to cancel our IPO on the London Stock Exchange."