Shares in CAB Payments fell almost 10% on the first day of trading following a London IPO which valued it at £851 million.
The Sutton-based payments infrastructure company raised £335 million in what was only the second main market listing in the capital this year and 19th overall.
The 18 previous listings raised a combined £593m, down 80% on the first half of last year.
The secondary selldown of existing shares held by private equity group Helios Investment Partners and other investors saw the price fall from £3.35 to £3.03. Unconditional trading will begin next week.
CAB Payments, now the holding company for Crown Agents Bank – the historic company it was formed within – provides foreign exchange and payment services for businesses sending money to emerging markets. It generated £109.9m in revenue and £43.5m in pre-tax profits in 2022.
“Today marks an important milestone for CAB Payments as we celebrate our first day of conditional dealings on the London Stock Exchange,” CEO Bhairav Trivedi said.
“Deciding to list signifies our confidence in the proposition we bring to clients and our new, enlarged investor base, as well as the confidence that we have in the UK as the home for innovative and growing global fintech businesses.”
The Financial Conduct Authority is considering relaxing some of its strict listings rules to make London more attractive as more companies eye the public market in New York.