London IPO values Worldpay at €6.4bn

British payments processor Worldpay Group Ltd has priced its listing on the London Stock Exchange at 240p per share, valuing the business at £4.8bn (€6.4bn).

Worldpay’s private-equity owners Advent International and Bain Capital had narrowed the price range for the initial public offering (IPO) to between 235p and 250p from 225p to 260p, Reuters reported last week.

A bookrunner for the deal said, earlier this month, that Worldpay was seeking a valuation of between £4.5bn and £5.2bn. The IPO is the biggest on London’s main market this year.

Earlier this year, Worldpay rejected an offer of up to £6.6bn, including debt, from French rival Ingenico Group, a source said at that time.

“We have already invested over £1bn in our technology, people and capabilities, helping us to become an advanced and sophisticated technology-led organisation with great potential,” said chief executive Philip Jansen yesterday.

Worldpay said the IPO would raise total proceeds of about £2.16bn, with the company receiving around 948m.

Worldpay’s private equity owners will hold around 49% of the company’s shares. London has seen fewer companies go public this year, with 93 listings raising about £5.3bn by the end of last month; roughly half the £11bn raised from 136 listings in the same period last year, according to stock exchange data.

British insurer Hastings Group’s shares fell below the IPO price of 170p on the LSE on Monday. Merrill Lynch, Goldman Sachs and Morgan Stanley acted as joint global co-ordinators on the IPO.


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