Worldpay Group Limited, formerly a unit of Royal Bank of Scotland Group plc (LON:RBS), today officially announced its intentions for an initial public offering on the London Stock Exchange.
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.
Worldpay’s business comprises three main subsidiaries:
- Global eCommerce – Global eCom provides a wide range of online and mobile multi-currency payment acceptance, validation and settlement services for its customer book of large and fast growing internet-led multinationals. The vast majority of Global eCom’s merchants sit within five priority industry groups: Digital Content, Global Retail, Airlines, Regulated Gambling and Travel.
- Worldpay UK – WPUK accounted for 42% of all transactions in the UK as measured by estimated volume of point-of-sale transactions in 2014.
- Worldpay US – WPUS provides in-store, online and mobile payment acceptance solutions for US-based merchants.
In the first six months of 2015, Worldpay’s net revenue was £465.7 million and Underlying EBITDA was £182.6 million, up 13.4% and 13.1% respectively compared to the equivalent period a year earlier.
The company notes that market growth is underpinned by three core industry specific themes: fast growth of online and mobile payments, higher growth in emerging markets compared to developed markets and differentiation of growth and market size by type of merchant industry segment.
Philip Jansen, Chief Executive Officer of Worldpay, said:
“Worldpay has been transformed into a global leader in payments since it became an independent company in 2010. This required an enormous investment to ensure Worldpay is at the forefront of a fast changing payments landscape. We have invested over £1bn in our technology, people and capabilities including over £400m in a state of the art global payments acquiring engine as well as in the recruitment of approximately 2,500 highly skilled colleagues. As a result, we have built a modern and sophisticated technology-led organisation with huge potential.
The IPO is an exciting and logical next step as we seek to continue this momentum. 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.
To view the official filing with the London Stock Exchange, click here.