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Worldpay debuts in biggest IPO of the year

WorldpayTue: Worldpay, the global payments company, made its debut on the London Stock Exchange. The £4.8 billion flotation is the biggest this year and one of the largest ever by a UK company. The company raised £2.16bn towards expansion.

The shares opened at 240p and were trading at 255p at lunchtime.

Philip Jansen, chief executive of Worldpay, who opened trading this morning, said: “Today’s announcement is a significant milestone for Worldpay.

“We are proud to be a leader in global payments with a clear strategy for continued growth as a listed company. We have already invested over £1 billion in our technology, people and capabilities, helping us to become a modern and sophisticated technology-led organisation with great potential.

“We welcome our new investors and thank them for the strong interest they have shown in the offer. We look forward to developing as a public company and all the opportunities this will bring.”

Xavier Rolet,  chief executive of the London Stock Exchange Group said: “Ensuring that the UK’s fastest growing and most innovative finance and technology companies have access to equity capital is a priority for London Stock Exchange.

“By raising capital on the London Stock Exchange companies like this can continue to invest and drive economic growth. The fact Worldpay has chosen to raise capital here confirms London’s position as the leading global financial centre able to attract the world’s most important new companies and highlights the exceptional investor appetite for dynamic companies.

“We look forward to welcoming more fast growing British and international businesses to our markets.”

London has seen fewer firms go public this year, with 93 listings raising about £5.3bn so far, roughly half the £11bn raised from 136 listings in the same period last year, according to stock exchange data.

The FTSE 100 ended down 28.90 points to 6,342.28 as September data showed the UK experienced deflation and China’s exports and imports declined.

The Office for National Statistics said the UK consumer price index fell 0.1% year-on-year last month, compared to analysts’ estimates for a flat reading in line with August.

On a month-on-month comparison, CPI also dropped 0.1% in September following a 0.2% increase in August. Analysts had predicted 0% growth.

The main driver of deflation was discounting at clothing stores and falling petrol and diesel prices.

Royal Mail  fell after the government sold its remaining stake in the postal service group to professional investors.

Luxury fashion retailer Burberry was under the cosh amid renewed worries about China – to which it is heavily exposed – following disappointing trade figures.

Barclays was lower on reports that it will name former JP Morgan investment banker Jes Staley as its new chief executive.

Housebuilders were stronger after Bellway posted a 44% jump in full-year profits that beat expectations. Persimmon, Barratt Developments and Taylor Wimpey were both firmly in the black.

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