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UPDATE 1-CAB Payments sets 335 pence per share offer price in London listing plan

Reuters
·2 min read

(Adds details and market context from paragraph 5)

LONDON, June 27 (Reuters) - CAB Payments Holdings , a specialist in business-to-business emerging markets cross-border payments, said on Tuesday it had set a 335 pence price per share for its prospective London listing, implying a market capitalisation of 851 million pounds ($1.08 billion).

Shaking off persistent gloom in London's market for initial public offerings, CEO Bhairav Trivedi in a statement described the offer price as "compelling" and that the company had been pleased with investor engagement so far.

CAB's management are expected to continue meetings with institutional and retail investors over the coming days, he added.

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The company's issued share capital is expected to comprise 254.1 million shares at admission, with a free float expected to be a minimum of 40% including exercise of over-allotment option.

Reuters reported in March that Merlin Midco Limited, a wholly owned subsidiary of Helios Investors III L.P, Helios Investors III A L.P and certain other investors, had engaged Barclays Plc and JPMorgan & Co to explore strategic options for CAB, including a private sale and flotation.

At the time, sources said the firm could achieve a valuation of between 800 million pounds and 1 billion pounds-plus.

The final offer size is expected to be announced on or around July 6, with conditional share dealings expected to begin on the London Stock Exchange on the same day, CAB said.

Earlier this month, soda ash producer WE Soda, abandoned plans to go public in London after investor feedback fell short of its valuation expectations.

News of CAB's offer price comes as the market awaits the pricing of Thyssenkrupp Nucera , with investor briefings expected to conclude by the end of the week, according to sources familiar with the matter.

The company is expected to be valued at more than 3 billion euros, with a listing pencilled in for early July in what could become Europe's largest IPO this year. ($1 = 0.7853 pounds) (Reporting By Sinead Cruise, editing by Amanda Cooper and Karin Strohecker)