Worldpay confirms intention to float on the London Stock Exchange

Jessica Morris
Follow Jessica
The company's IPO comes nearly five years after the company was sold by RBS (Source: Worldpay)

Payments processing company Worldpay has confirmed plans to raise £890m through a float on the London Stock Exchange's main market in October.

The company, owned by Advent International and Bain Capital, is expected to have a free float of at least 25 per cent after its listing.

"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," Philip Jansen, chief executive of Worldpay, said.

Chairman Sir Michael Rake, who recently left Barclays for Worldpay, added: "I believe Worldpay is very well positioned to continue its leadership in the ever-evolving global payments landscape."

Read more: Sir Mike Rake to quit as Barclays deputy chairman

"I look forward to contributing to this next exciting stage and helping Worldpay to achieve its vision to be the world’s most progressive and reliable payments partner, sharing insights and helping customers prosper."

Today's news comes after reports Worldpay could opt for a buyout bid instead of an initial public offering. It was first reported that the company had hired six banks to lead an initial public offering (IPO) in June.

Worldpay's IPO comes nearly five years after the company was sold by RBS in a deal worth close to £2bn.

Related articles