Worldpay confirms £890m London float plan

That beats the previous biggest IPO, March’s £2.3 billion float of Auto Trader.

In 2010, Worldpay was carved out of The Royal Bank of Scotland Group and established as a standalone business by private equity firms Advent global and Bain Capital.

“Worldpay aims to lead the way in expanding global reach, data analytics and optimisation, and the emerging field of integrated payments”.

Longer servers will receive £6000 in shares or cash, with more recent starters getting around £1000.

Staff in the group are expected to get a windfall following the IPO.

Adding to Mr Jansen’s sentiments, Sir Michael Rake, Chairman of Worldpay, said: “Worldpay is led by an experienced management team with a clear understanding of the market and its trajectory and has demonstrated an impressive track record of sustained growth …”

The offer came after Worldpay attracted interest from a consortium of private equity bidders, including Blackstone, whose offer fell shy of £6 billion, according to the FT.

The launch should catapult it straight into the FTSE 100 index when it commences trading in October.

Philip Jansen, chief executive of the company, said that the IPO was, “an exciting and logical next step” as Worldpay looks to continue its upwards momentum.

“Worldpay is a leader in the extremely dynamic world of digital payments having been a pioneer in card payments, multi-currency processing, online payments and contactless technology”.

It handles 40% of web sales in Europe, and past year processed 11.5 billion transactions, totalling £370 billion.

In 2014, the company’s revenues were £863.4m, with underlying earnings of £374.7m.

Its United Kingdom business accounted for 42% of transactions past year , encompassing around 300,000 United Kingdom and Ireland-based sellers.

Every year it supports about £370bn worth of payments from 400,000 merchants.

Never a boring moment at United Kingdom payments firm Worldpay.

After the taxpayer rescue, RBS had to sell it to comply with European state aid rules.