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Report: British subprime lender Amigo Loans preparing for IPO

Bournemouth, U.K.-based subprime lender Amigo Loans Ltd has hired JPMorgan and RBC Capital Markets to examine a potential London listing that could value the company at over $700 million, Reuters reported Feb. 28, citing a "person with knowledge of the matter."

Amigo Loans, which focuses on borrowers who have weak credit histories, will seek a market capitalization of more than £500 million from the IPO, the person said. The company said in a Feb. 22 bond investor presentation that it is continuing to explore a potential IPO with advisers.

Amigo Loans reported unaudited profit after tax and total comprehensive income of £50.8 million for the nine months to Dec. 31, 2017, up from £43.2 million a year ago.

Amigo Loans' ultimate parent is British private equity firm The Richmond Group Ltd.