Equiniti Starts London IPO, Said to Value Business at $1 Billion

  • Share registration firm plans to raise about $591 million
  • Private-equity owner Advent may also sell part of its stake

Equiniti Group Plc, a U.K. provider of share registration and associated investor services, said it plans to raise 390 million pounds ($591 million) from an initial public offering in London.

Equiniti, which provides services to about 70 of the companies in the FTSE 100 Index, may seek an equity valuation of about 700 million pounds in the IPO, according to people familiar with the matter, who asked not to be identified as the details aren’t public. Private-equity owner Advent International could also sell part of its stake in the deal, the company said in a statement on Friday.

U.K. payments processor Worldpay Group Ltd. and Intertrust Group BV, a Dutch business that offers legal and financial administrative services, are among those seeking to sell shares in Europe this quarter, even as concerns over slowing growth in China, a corporate scandal at Volkswagen AG and worries over Glencore Plc’s debt load weaken investor sentiment for equities.

Equiniti reported adjusted revenue of 350 million pounds and adjusted earnings before interest, taxes, depreciation and amortization of 82 million pounds for the 12 months to June. It will use part of proceeds from the sale to repay debt, according to the statement.

Goldman Sachs Group Inc. and Barclays Plc are managing the sale, along with Credit Suisse Group AG. Rothschild is financial adviser to the company.

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