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Alfa Financial Software set for largest London IPO so far in 2017
May 26, 2017 / 7:15 AM / 6 months ago

Alfa Financial Software set for largest London IPO so far in 2017

LONDON, May 26 (Reuters) - Alfa Financial, which provides software for the asset finance industry, said on Friday it has priced its June initial public offering at 325 pence per share, which would make it the biggest listing in London so far this year.

The company’s pricing gives would give it a market capitalization of 975 million pounds ($1.26 billion), Alfa said in a statement.

Sources had previously said that the company, which counts Bank of America and Mercedes-Benz as customers and Old Mutual and Henderson as investors, was aiming for a valuation of at least 800 million pounds.

London-based Alfa, which made adjusted earnings before interest and tax of 32.8 million pounds in 2016, has said it hopes the listing will help it win market share by attracting new customers looking to replace legacy or in-house systems that have failed to keep up with evolving regulations.

Uncertainty around Britain’s future outside of the EU single market has dampened investor confidence: funds raised by British firms holding IPOs fell 28 percent in the first quarter from a year ago, according to Thomson Reuters data.

Barclays and Numis are acting as joint bookrunners for the IPO, while Rothschild is acting as financial adviser.

The company will join the London Stock Exchange on June 1. ($1 = 0.7769 pounds) (Reporting by Clara Denina)

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