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Owners of payments firm Worldpay narrow IPO price range - sources

Published 09/10/2015, 17:52
Updated 09/10/2015, 17:52
© Reuters.  Owners of payments firm Worldpay narrow IPO price range - sources

© Reuters. Owners of payments firm Worldpay narrow IPO price range - sources

By Esha Vaish and Freya Berry

(Reuters) - The private-equity owners of British payments processor Worldpay Group Ltd [IPO-WORLD.L], Advent International and Bain Capital, have cut the top end of the price range set for the company's London listing, two sources familiar with the matter said.

The top end of the range was cut to 250 pence per share from 260, while the bottom was raised to 235 from 225.

Worldpay is seeking a market valuation of about 4.9 billion pounds from its initial public offering, one source said.

That would make the IPO the biggest on London's main market this year. Worldpay earlier this year rejected an offer of up to 6.6 billion pounds, including debt, from French rival Ingenico Group SA (PA:INGC), a source said at the time.

A bookrunner for the deal said earlier this month that Worldpay was seeking a valuation of between 4.5 billion pounds and 5.2 billion pounds.

Advent and Bain bought Worldpay, which provides platforms that allow merchants to accept payments by cards and other methods, from Royal Bank of Scotland Group Plc (L:RBS) in 2010 for about 2 billion pounds. They declined to comment on Friday.

The change in pricing was first reported by the Financial Times. (http://on.ft.com/1G216n1)

London has seen fewer firms go public this year, with 93 listings raising about 5.3 billion pounds by Sept. 30, roughly half the 11 billion pounds raised from 136 listing in the same period last year, according to stock exchange data.

Choppy market conditions have made it harder for companies to come to market in recent weeks.

Hastings Insurance , which is also seeking a London listing, is expected to price its IPO at 170 pence per share, below its indicated range of 180-185 pence, a banking source told Reuters earlier on Friday.

(This version of the story corrects paragraph four to show that Ingenico's offer included debt)

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