Worldpay's bookbuild said to be underway
Worldpay’s bookbuild for its London Stock Exchange flotation is underway, a bookrunner told Reuters on Thursday.
The payments processor, which is owned by Bain Capital and Advent International, announced in September that it would go ahead with a flotation despite an offer from Ingenico.
At the time, it said it intends to raise around £890m and its publicly-traded shares are expected to be at least 25% of outstanding stock.
The proceeds will be used to help pay down a total of £2bn of debt.
The bookrunner told Reuters it’s seeking a market capitalisation of between £4.5bn and £5.2bn.
The listing is set to be one of the largest initial public offerings in the UK since the financial crisis and the group is likely to enter the FTSE 100 with a premium listing.
Barclays, Credit Suisse and UBS are acting as joint bookrunners in the float.