LONDON, UK: CAB Payments Holdings Limited, a market leader in business to business (“B2B”) cross-border payments and foreign exchange, specialising in emerging markets, announced its intention to publish a registration document and its potential intention to undertake an initial public offering.
Should CAB Payments proceed with the offer, the company will apply for admission of its ordinary shares to the premium listing segment of the Official List of the FCA and to trading on London Stock Exchange’s main market for listed securities.
Bhairav Trivedi, Chief Executive Officer of CAB Payments, said: “Our intention to list on the London Stock Exchange is a sign of confidence in the high quality offering we provide to our customers in a large and growing market; confidence in our strong financial profile backed by a track record of revenue and Adjusted EBITDA growth, as well as cash generation; and confidence in the UK as the home for innovative and growing global businesses.
“I am tremendously excited to take the step of listing CAB Payments’ shares via a premium listing. It will broaden our ownership and bring more of the transparency that we value so highly throughout our business model. 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. 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.
“I want to thank all CAB Payments employees who have worked hard to create the offering we have today. This is the beginning of a new, exciting chapter for CAB Payments, and one that is based on the strong foundations we have spent years building. Together we will help governments, institutions, and organisations move money to where it’s most needed.”
The offer is expected to comprise a secondary sell-down of existing ordinary shares by Merlin Midco Limited (a wholly owned subsidiary of Helios Investors III, L.P. and Helios Investors III (A), L.P. (together, the “Helios Funds”)) and certain other existing shareholders, and there would be no primary element to the offer.
It is expected that ordinary shares representing up to a further 15 per cent of the offer would be made available pursuant to an over-allotment option.
The Offer would be a targeted offering to institutional investors outside the United States pursuant to Regulation S and to QIBs (defined below) in the United States pursuant to Rule 144A under the United States Securities Act of 1933 (the “Securities Act”) or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
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