UK based technology giant Equiniti Group intends to raise £390m ($591m) through an initial public offering (IPO) listing on the London stock market this month.
The firm, which offers share registration and associated investor services to companies, has announced about its Intention to Float (ITF) which is expected to generate money, so that it can be partially used for repayment of its bank debt.
The IPO is also expected to pay for certain transaction, tax and other financing related costs for the company arising as a result of the listing.
Equiniti Group has, however, not revealed how much of the company shares will be put up for the listing or further details about the price range or potential value of the offering.
Private equity firm Advent International had acquired 85% of the Equiniti from Lloyds TSB in 2007 for £550m.
Equiniti chief executive Guy Wakeley said: "The I.P.O. will enable Equiniti’s management team to continue its proven growth strategy, whilst benefiting from a growing market and favorable trends towards outsourcing, greater regulation and digitalisation."
The firm processes over £90bn in payments a year through its business serving offerings.
The IPO has been planned to share sales to institutional and professional investors, as well as to brokers and other financial intermediaries who will facilitate participation of their retail clients in the UK, the Channel Islands and the Isle of Man.
