Misys, a provider of software and associated services to thefinancial services industry, intends to raise approximately £500 millionthrough an IPO, with trading on the London Stock Exchange expected to takeplace in early November.
The proceeds, along with new debt facilities, will primarilybe used to repay existing debt, the company said.
Immediately following admission of its ordinary shares tothe premium listing segment of the U.K. Listing Authority, the company expectsto have a free float of at least 25% of its issued share capital.The IPO will value the company at about £6 billion, including debt,"people familiar with the matter" told Bloomberg News.
In 2012, Misys was delisted when it was acquired byVista Equity Partners ManagementLLC. It was then merged with Turaz, the former treasury and riskmanagement software division of Thomson Reuters, with the combined businessretaining the Misys name.
The offer may include a partial sale of shares held by TahoeHoldco Cayman Ltd. and the company's directors and management team members,along with other individual shareholders. Tahoe Holdco Cayman is controlled byfunds advised by Vista Equity Partners and its affiliates.
Goldman Sachs, Bank of America Merrill Lynch and J.P. MorganCazenove serve as joint sponsors, joint global coordinators and joint bookrunners for the intended IPO. Morgan Stanley acts as joint global coordinatorand joint book runner while Barclays, Credit Suisse and Deutsche Bank are jointbook runners. Moelis & Co. is financial adviser to Misys.
Meanwhile, John Hughes agreed to join as independentchairman of the board of Misys. Lawton Fitt will serve as anindependent nonexecutive director.