CAB Payments Holdings Limited has confirmed plans for an initial public offering (IPO). They have announced certain details about this offer.
The company plans to get approval from the Financial Conduct Authority (FCA) to add its shares to the list of main market stocks on the London Stock Exchange (LSE).
The final price for the Offer will be decided after a book-building process, and Admission is expected to occur in July 2023.
Chair of CAB Payments, 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.
Merlin Midco Limited (a subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P.) and some current shareholders are planning to sell existing ordinary shares. This is known as the ‘secondary sell-down’, and there won’t be any new shares offered. There’s also a chance for extra shares to be sold, up to 15%, through an ‘over-allotment option’. If this happens, the company would become eligible for inclusion in the FTSE UK indices.
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