Advent’s Equiniti to raise £390m in London listing

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Advent International-owned share registrar and investor services technology provider Equiniti is aiming to raise £390m in an October IPO on the London Stock Exchange.

The company's market cap is expected to be around £1bn, around twice the deal value of Advent's 2007 buyout of the business, then known as Lloyds TSB Registrars.

Equiniti will use the £390m proceeds raised from the offering to pay down part of the group's debt, as well as cover transaction and financing costs of the IPO, targeting net debt of 3.25x EBITDA on 2015 expected earnings.

The group boasts a growth rate of around 10% per annum, having posted (substantially adjusted) EBITDA of £82m and revenues of £350m in the year to June 2015.

Barclays and Goldman Sachs are acting as joint sponsors, joint global coordinators and joint bookrunners, while Credit Suisse Securities is also acting as joint bookrunner. Liberum Capital is acting as co-lead manager and Rothschild is acting as financial adviser to Equiniti.