Worldpay Group plc, the former unit of Royal Bank of Scotland Group plc (LON:RBS) that in September voiced its intentions to list its shares on the London Stock Exchange, today announced the successful pricing of its initial public offering at 240 pence per ordinary share.
Based on the Offer Price, the market capitalisation of Worldpay at the start of the conditional dealings will be approximately £4,800 million.
Philip Jansen, Chief Executive Officer of Worldpay, commented:
“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 an advanced 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.”
Offer Highlights
· The Offer is expected to raise total gross proceeds of approximately £2,160 million (if the over-allotment option is not exercised) or £2,484 million (if the over-allotment is exercised in full).
· The Company will receive approximately £947.8 million of gross proceeds from the Offer.
· The Institutional Selling Shareholder, Ship Global 2 & Cy S.C.A., will sell a total of 505,083,333 Ordinary Shares (assuming no exercise of the over-allotment option), receiving total gross proceeds of approximately £1,212.2 million.
· At Admission, the Company will have 2,000,000,000 Ordinary Shares in issue with a free float of 45% (assuming no exercise of the over-allotment option).
· Following the Offer, it is expected that the Institutional Selling Shareholder will hold approximately 48.7% of the Company’s Ordinary Shares (assuming no exercise of the over-allotment option).
· The Offer comprises 900,000,000 Ordinary Shares (assuming no exercise of the over-allotment option). If the over-allotment option was exercised in full, the total Ordinary Shares in the Offer would represent approximately 51.8% of the Company’s enlarged issued ordinary share capital.
· Conditional dealings in the Company’s Ordinary Shares will commence on the London Stock Exchange at 8.00 a.m. today under the ticker “WPG” (ISIN: GB00BYYK2V80).
· Admission to the premium segment of the Official List of the FCA and the start of unconditional dealings in the Ordinary Shares on the London Stock Exchange are expected to take place at 8.00 a.m. on October 16, 2015.
To view the official announcement on the offer price, click here.