Worldpay reveals plan for London float

PAYMENT processing company Worldpay is to float on the stock market.

Part of Royal Bank of Scotland until 2010 when it was acquired by private equity firms Advent International and Bain Capital, Worldpay employs more than 200 people at an office in Spinningfields, Manchester.

It wants to raise around £890m through the listing  Proceeds from the float would be used to pay down debts, which are around £2bn.

The company says that on an average day it processes around 31 million mobile, online and in-store transactions worldwide, offering access to 326 payment methods in 126 transaction currencies across 146 countries.

In recent weeks there has been intense speculation that instread of listing, it would opt for a trade sale, with French company Ingenico said to be offering as such as £6.6bn.

The value of the IPO  has been estimated previously at around £6bn but no price was mentioned in the listing announcement.

In the six months to June 30 the company had sales of £465.7m and underlying profit before interest, tax, depreciation and amortisation of £183.6m – both are up just over 13% year-on-year.

The company is led by Philip Jansen, a former chief operating officer at North West holiday giant MyTravel,
who said: “Worldpay has been transformed into a global leader in payments since it became an independent company in 2010.  

“We have invested over £1bn in our technology, people and capabilities including over £400m in a state of the art global payments acquiring engine as well as in the recruitment of approximately 2,500 highly skilled colleagues. As a result, we have built a modern and sophisticated technology-led organisation with huge potential.

“The IPO is an exciting and logical next step as we seek to continue this momentum. It will enable us to access new capital for growth, augment our global proposition and further enhance our ability to serve customers across the world.”

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