October 4, 2017 / 1:20 PM / a year ago

Dutch company TMF to unveil London IPO this week

(Reuters) - Dutch business services firm TMF Group plans to float its shares on the London Stock Exchange in an initial public offering to be unveiled later this week, a source with knowledge of the deal told Reuters on Wednesday.

The source said he could not verify a Sky News report that said the deal would raise 200 million pounds ($265 million) from institutional investors and value the company at 1 billion pounds.

The source said that TMF group, which offers a range of tax, administration and legal services, was seen as having a huge and growing market for services which are essential to companies regardless of how they are performing.

In the first half of 2017, TMF posted revenue of 283 million euros ($333 million), up from 256 million euros a year earlier. The company’s adjusted EBITDA rose 9.5 percent to 69 million euros.

Proceeds from European initial public offerings (IPO) reached $7.7 billion in the three months ending September, up 45 percent compared with last year and the highest since 2014.

British offerings by contrast have grown far more slowly, with bankers citing a slowing of economic growth and the uncertainty generated by the country’s planned Brexit from the European Union in 2019.

Goldman Sachs and HSBC are handling the flotation for owners DH Private Equity.

Goldman Sachs and HSBC made no immediate comment on the deal when contacted by Reuters.

Reporting by Dasha Afanasieva in London and Ishita Chigilli Palli in Bengaluru; editing by Patrick Graham

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