SumUp Explores London IPO Options, Involving Strategic Partnerships with Banks

SumUp Payments Lines Up Investment Banks for Potential London IPO

SumUp Payments Ltd., a financial technology group known for its point-of-sale terminals, is preparing for a potential initial public offering (IPO) in London. According to people familiar with the matter, the company is set to appoint a team of investment banks, including Deutsche Bank AG, Goldman Sachs Group Inc., Jefferies Financial Group Inc., and JPMorgan Chase & Co., to work on the first-time share sale.

The financial technology group is poised to list on the London Stock Exchange, although the possibility of listing elsewhere has not been ruled out. STJ Advisors LLP is acting as the financial adviser for the IPO. A successful listing would be a significant boost for London, which has been experiencing a drought in IPO activity.

SumUp had previously considered listing in Amsterdam, Frankfurt, and New York, but has opted for a London listing. The company could fetch a valuation of $10 billion or more, according to people familiar with the matter. However, no final decisions have been made, and the details of the offering, including the venue, could still change.

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SumUp is among several European companies that are pressing on with IPO preparations, hoping that market volatility caused by the war in Ukraine will have dissipated by the time they are ready to go public. Other companies, such as driving services firm RAC, tankmaker KNDS NV, and lift manufacturer TK Elevator, have also been meeting investors in recent weeks.

Note: The expected valuation for RAC, KNDS NV, and TK Elevator is not disclosed in the original article.