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British business-to-business cross-border payments firm CAB Payments raised up to ?335 million through a listing on the London Stock Exchange.

The company says it successfully placed shares at ?3.35, resulting in a market capitalisation of about ?851 million, although shares were down to ?3.03 by market close.

CAB specialises in cross-border payments and foreign exchange for firms operating in emerging markets.

Bhairav Trivedi, CEO, CAB Payments, says: “I want to welcome and thank all of the new investors in CAB Payments for showing their support in the business, its vision, and the employees who have worked hard to create the remarkable offering we have today.”

The IPO is a boost for the LSE, which has been suffering a drought, with only two listings on the main market in the first quarter.

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