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CAB Payments eyes London IPO in boost to muted public markets

CAB Payments IPO
Image credit: Shutterstock

Fintech company CAB Payments has expressed interest in a London IPO in a boost for the capital’s sluggish public markets.

On Thursday the B2B cross-border payments company announced plans to file a registration document with the London Stock Exchange.

If it goes ahead it would see CAB Payments, which offers international B2B overseas payments and foreign exchange, IPO on the London Stock Exchange’s main market for listed securities.

The Sutton, London-based company could be valued between £800m to over £1bn, according to an estimate by Mergermarket.

Bhairav Trivedi, CEO of CAB Payments, said: “Operating as a publicly traded company will help us to continue to pursue our strategy of delivering long-term sustainable growth all cementing our position as a payments and forex partner of choice for blue-chip customers transacting in emerging markets.”

Revenue for the firm in March stood at £41.3m for the last three months, with an Adjusted EBITDA of £26.4m and a 96% cash conversion.

As per the document, sent in preparation for the possible CAB Payments IPO, March’s monthly results are its third-highest month-on-month figures.

Trivedi added: “In turn, this will support us in our mission to connect more people in traditionally hard-to-reach regions with global financial infrastructure, enhancing financial inclusion and strengthening local economies.”

London IPOs fell to their lowest level in a decade last year, with just 41 companies completing a listing on the main market of the London Stock Exchange.

Activity has remained muted this year, sparking reviews by the government and regulators to spur more listings.

The London Stock Exchange also lost out when semiconductor firm Arm selected New York for its highly anticipated IPO later this year.