WorldPay Breaks UK Fintech IPO Record
by October 14, 2015 2:17 pm0
One of the most anticipated IPOs in recent years within the UK, shares in Worldpay increased 6% on day one at the London Stock Exchange as the UK payment processor reached a new valuation of £4.8 ($7.4) billion (the shares later fell to the debut price range). The company has undergone a significant turnaround in recent years and since its spinoff from the Royal Bank of Scotland five years ago, the company now employs double the staff and recently reported half-yearly revenue and profits of £465.7 ($713.85) million and £182.6 ($280) million respectively.
Commenting on the IPO, UK Prime Minister David Cameron said,
“It’s fantastic news that Worldpay has listed on the London Stock Exchange today – the largest ever UK FinTech IPO. This shows real confidence in our long term economic plan and helps cement London as the world’s leading location for this sector.”
With London at the center of a growing fintch community, one can expect that WorldPay to be among a line of many payment companies looking to raise capital through IPOs and other means of financing. While London may never compete with New York, the more companies that select to list domestically can only help further London’s payment and fintech credentials.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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