Online payments and money transfer service provider Paysafe announced that it will apply for listing on the main market of the London Stock Exchange (LSE).
Better Liquidity, More Investors
Moving there, according to Paysafe, will enhance its profile and ensure better liquidity for its stock, attracting more investors, the company noted. As for grounds on which its application should be approved, Paysafe said its acquisition of another payments services provider, Skrill, earlier this year, provides it with a sound base for such a move.
If the bourse greenlights the move, the company’s shares will start trading on the main market on December 23 and its listing on the AIM market will be canceled as of the same date.
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Paysafe said in its filing to the LSE that this move will not be accompanied by fundraising or new share issuance.
Paysafe, formerly Optimal Payments, announced its rebranding earlier this month. As Finance Magnates reported at the time, the company had been eyeing entry into the LSE’s main market for a while, putting efforts in both organic and inorganic growth initiatives, the latter including not just the buying of Skrill but also of another company, Canadian FANS Entertainment, a mobile platform developer.
Skrill’s acquisition was a major step towards a listing on LSE’s main market, as noted by Paysafe’s Chief Executive Officer (CEO) Joel Leonoff, who said that “the acquisition of Skrill will create a global tech champion in the fast growing digital payments space, and we believe represents a transformational leap forward that greatly accelerates our strategic plan,” adding, “the combined business will be quoted in the UK and will be of sufficient scale for us to seek a main market listing and FTSE 250 inclusion as soon as possible following completion of the acquisition.”
The company’s shares are most likely to be considered for inclusion into the FTSE 250 at the end of the first quarter of next year, Paysafe said.