Fintech SumUp Lines Up Banks for Possible London IPO
(Bloomberg) — SumUp Payments Ltd. is lining up investment banks to stage a potential IPO in London, according to people familiar with the matter; This could be one of the biggest listings the UK capital has seen in recent years.
People who do not want their identities to be disclosed because the information is confidential, said that the financial technology group, known for its point-of-sale terminals, agreed with Deutsche Bank AG, Goldman Sachs Group Inc., Jefferies Financial Group Inc. for the first share sale. and JPMorgan Chase & Co., he said.
The preferred venue for the proposal is London, but it could still be held elsewhere, the people said. STJ Advisors LLP is serving as financial advisor.
A successful listing could be a boost for London, which is still recovering from a long drought in IPO activity. According to Bloomberg, software company Visma AS, which was expected to lead the revival this year, postponed its IPO plans until next year.
SumUp also considered Amsterdam, Frankfurt and New York as possible listing locations, Bloomberg previously reported. The company could achieve a valuation of $10 billion or more, people familiar with the matter said.
Sources said no final decision has been made and details of the proposal, including the venue, could still change. Representatives for SumUp, Deutsche Bank, Goldman Sachs, JPMorgan and Jefferies declined to comment.
SumUp is among many European companies continuing to prepare for an IPO, hoping that market volatility caused by the war in Iran will fade away by the time they are ready to go public. According to Bloomberg, driving services company RAC, tank manufacturer KNDS NV and elevator manufacturer TK Elevator have been meeting with investors in recent weeks.
SumUp’s plans for a London IPO come after advisers suggested it list on a European stock exchange rather than the US, given its smaller business presence in North America. This bucks the trend of fintech companies listing abroad in recent years, such as Sweden’s Klarna Group Plc.
–With help from Viniciy Chan and Aisha S Gani.
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