IPOs back on: Goldman takes Equiniti to market
One of the UK’s biggest outsourcing companies Equiniti has appointed Goldman Sachs for a £1bn-plus float in London later this year, underscoring the renewed appetite for initial public offerings (IPOs) after the General Election.
The company is hoping to issue shares worth between £400m and £500m in the offering, which could value the business at between £1.2bn to £1.3bn, Morning Wire sources said. Equiniti was previously owned by Lloyds TSB and offers registrar services to a plethora of FTSE 100 firms.
The West Sussex-based group, chaired by Taylor Wimpey chair Kevin Beeston, is majority owned by private equity firm Advent International.
Advent appointed bankers at Rothschild in March to review options for the business. It is set to be the second listing by Advent this year after it floated DFS in March.