Four months in the life of a London IPO

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

June 15:

CAB Payments Holdings Limited

Confirmation of Intention to Float on the London Stock Exchange

The Company has engaged Barclays Bank PLC, acting through its Investment Bank (“Barclays”) as Joint Global Co-ordinator and Joint Bookrunner, J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove (“J.P. Morgan”) as Sole Sponsor, Joint Global Co-ordinator and Joint Bookrunner, and Canaccord Genuity Limited (“Canaccord Genuity”), Liberum Capital Limited (“Liberum”) and Peel Hunt LLP (“Peel Hunt”) to act as Joint Bookrunner in the event the Offer proceeds. STJ Advisors Group Limited (“STJ”) is acting as Financial Adviser to the Company.

July 6:

Shares in UK financial technology company CAB Payments fell sharply in their first day of trading in London, underscoring the challenges the City faces to recover from a dearth of initial public offerings. CAB Payments fell 9.6 per cent after raising around £300mn in one of the few UK listings this year.

The deal, which had a market capitalisation of £851mn at IPO, was the largest public debut in London this year excluding blank-cheque vehicles.

The group, which specialises in foreign exchange and payment services for businesses sending money to emerging markets, offered its shares at £3.35. At market close, the stock price was about £3.03 per share.

August 16:

August 20:

August 24:

September 13:

September 14:

October 4:

October 12:

CAB Payments [ . . . ] is pleased to announce the appointment of Barclays Bank PLC (“Barclays”) and Canaccord Genuity Limited (“Canaccord Genuity”) as corporate brokers, alongside existing corporate broker J.P. Morgan Cazenove, with immediate effect.

October 24:

Shares in CAB Payments plunged as much as 74 per cent on Tuesday after the fintech warned on profits just months after a London listing that was hailed as a rare bright spot for the struggling UK market.

Further reading:
— UK Investment Research Review (Rachel Kent for UK Government)
— Unleash the analysts for higher LSE valuations, says City minister (Investors’ Chronicle)
— It is in the UK’s interest to treat investment research as a public good (FT)