The company, whose business ranges from developing payment technology solutions to online payment processing, plans to apply for admission of its ordinary shares, issued and to be issued to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange plc’s main market for listed securities. “It will enable us to access new capital for growth, augment our global proposition and further enhance our ability to serve customers across the world”.
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Worldpay’s owners Advent worldwide and Bain Capital opted for an initial public offering (IPO) over a bid from its French rival Ingenico. An employee benefit trust owns 9.7pc of the company, according to its most recent annual report, and unnamed other investors aside from the private equity firms hold 4.1pc.
In 2014, the company’s revenues were £863.4m, with underlying earnings of £374.7m.
Worldpay processes 11.5bn payments a year online, in store and over the phone for 400,000 merchants ranging from hairdressers and restaurants to airlines and big retailers such as Tesco and Marks & Spencer.
“Worldpay has been transformed into a global leader in payments since it became an independent company in 2010″, said Worldpay chief executive Philip Jansen.
The U.S. arm, which Ingenico would have spun off if its offer had been accepted, has 137,000 customers.
The company now employs 4500 people – double the numbers under RBS ownership – and recently reported half-yearly revenue and profits of £465.7m and £182.6m respectively.
Ingenico’s shares were up more than 10% on the Euronext stock exchange in Paris in response to Worldpay’s decision.
With consumer behaviour increasingly shifting away from cash payments, Worldpay now process approximately 40pc of web-based transactions in Europe, and is increasing its exposure in emerging markets.
Weil advised Advent global and Bain Capital, led by London partner Marco Compagnoni with Peter King leading on the IPO.
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