February 2, 2018 / 10:53 AM / 10 months ago

British debt collector Cabot readies IPO re-run early in 2018 -sources

LONDON, Feb 2 (Reuters) - Cabot Credit Management IPO-CAB.L is likely to attempt to list on the London Stock Exchange early in 2018 after Britain’s biggest debt collector pulled a planned IPO last year, sources familiar with the matter said.

The new listing is expected to be announced after Cabot, which is backed by private equity firm JC Flowers, announces its full year results, which are due by mid-March, one source said.

Britain’s IPO market has been muted since the country voted to leave the European Union in June 2016, but bankers say there is a string of deals waiting in the wings for 2018.

Software company Avast, financial services firm Old Mutual Wealth and education company GEMs are among those awaited on the London market.

A spokeswoman for Cabot, which was one of several companies whose initial public offering (IPO) plans were abandoned in the autumn, declined to comment.

The company blamed the market when it cancelled its IPO in November. But it said it would reconsider an IPO if market conditions become more supportive.

Last year Cabot was aiming to raise 195 million pounds through the listing, which was led by Goldman Sachs and Morgan Stanley.

Cabot’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 19 percent to 214.3 million pounds ($304 million) in the first nine months of 2017.

Arrow Global, Cabot’s closest comparable listed rival, traded down sharply around the time of Cabot’s proposed IPO. Since then it has recovered more than 10 percent. ($1 = 0.7042 pounds)

Reporting by Carolyn Cohn and Dasha Afanasieva; editing by Alexander Smith

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