British business-to-business cross-border payments firm CAB Payments has raised up to £335 million through a listing on the London Stock Exchange. The company successfully placed shares at £3.35, achieving a market capitalization of approximately £851 million, though the share price fell to £3.03 by market close.
CAB specializes in cross-border payments and foreign exchange for companies operating in emerging markets. Bhairav Trivedi, CEO of CAB Payments, expressed gratitude to new investors for their support of the business and its vision, praising the hard work of employees in creating the company’s impressive offering.
This IPO marks a positive development for the London Stock Exchange, which has faced challenges, with only two listings on the main market during the first quarter.