October 20, 2017 / 10:00 AM / 10 months ago

British debt collector Cabot launches 1 billion sterling London IPO

LONDON (Reuters) - Cabot Credit Management IPO-CAB.L, Britain’s biggest debt collector said on Friday it would list on the London Stock Exchange, targeting a 1 billion-pound ($1.32 billion) market capitalization, a source familiar with the matter told Reuters.

The firm, which is owned by U.S. debt recovery business Encore Capital Group and private equity group JC Flowers, said it aimed to raise around 195 million pounds in fresh capital adding to a flurry of floats on London’s main stock market since the start of October.

Admission is expected to take place in Nov., Cabot said, adding that it would have a free float of at least 25 percent.

Cabot had hoped to announce its intention to float in September, but postponed it after Peter Crook, the former chief executive of Provident Financial (PFG.L), stepped down from its board.

The debt collector, which had planned to appoint Crook as its chairman in preparation for the London listing, said on Friday that Andy Haste who is also chairman of British lender Wonga, would be its chairman elect.

Goldman Sachs (GS.N), Morgan Stanley (MS.N), Jefferies and Numis (NUM.L) are managing the float of Cabot.

Editing by Anjuli Davies

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