The firm revealed plans for a London float earlier this month after a barren period for the capital in which fresh stock market listings have dried up.
CAB Payments, which specialises in payments services for emerging markets, said it would look to float in July with a price of £3.35 per share, implying a valuation of £851.4m.
In a statement today, chief Bhairev Trivedi said the valuation was a “compelling offer price”.
“We have been pleased with the investor engagement so far and are excited to continue to meet the institutional and retail investment community over the next week,” he added.
The firm is now looking to court big investors to back the float. CAB Payments’ final Offer size is expected to be announced on or around 6th July 2023, with dealings in the shares expected to commence on the London Stock Exchange on the same day.
The IPO comes after a bruising period on the public markets for tech and fintech firms globally, which have faced sharp sell-offs and tumbling valuations.
CAB Payments’ announcement of an IPO in London had been cheered by City watchers as the capital fretted over its appeal on the international stage. Trivedi hailed the London Stock Exchange as a “home for innovative and growing global businesses” and said the move was a vote of confidence in the UK.
London Stock Exchange officials and regulators have been scrambling to boost the appeal of London to with a slew of reforms over the past three years. The announcement of an IPO came alongside that of Turkish soda ash firm WE Soda, which then dramatically ditched the plans a week later, causing fresh anxiousness in the City.