Dutch business services firm TMF Group BV is preparing for a London share listing in November that will value it at about €1.4 billion, Reuters reported.
The group said Oct. 5 that it aims to float at least 25% of its issued share capital. It is intended that an overallotment option of up to 15% of the base offer size will be made available.
The shares will be offered to certain institutional and professional investors in the U.K. and elsewhere outside the U.S. Following admission, the group expects to become eligible for inclusion in the FTSE UK Index Series.
The listing is expected to generate gross primary proceeds of €340 million, which will be used to pay down debt and reduce leverage.
The group also announced plans to move its headquarters to London from Amsterdam, a move that it said was "a vote of confidence for the U.K.," The Daily Telegraph said.
"[T]he U.K.'s exit from the EU could actually present an opportunity to TMF Group, given that business complexity and companies moving across borders are key drivers of its business growth," the company reportedly said.
Goldman Sachs International and HSBC Bank Plc are acting as joint sponsors, joint global coordinators and joint book runners to TMF Group in relation to the offer and admission.
Barclays Bank Plc and Jefferies International Ltd. are acting as joint book runners, and Numis Securities Ltd. is acting as co-lead manager.