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Dutch financial services out-sourcer TMF Group has picked London for a planned £1bn float, in a vote of confidence in the UK stock market.
Advisers to the company’s owner, European private equity firm Doughty Hanson, are doing the groundwork to bring TMF to market after the summer, sources told The Sunday Telegraph.
Goldman Sachs and HSBC are understood to be steering the offering for Doughty Hanson, which rebranded itself last week as DH Private Equity Partners.
In March, TMF said it had “appointed advisers to assist the board with assessing strategic and financial options”. It also said it was considering an IPO in 2016.
In 2015, Sanne Group raised £142m when it listed in London at 200p per share. Since then, its share price has more than trebled to around 625p. Later that year, the Dutch trust company Intertrust raised around £410m when it started trading on Euronext’s Amsterdam market. Intertrust currently has around 2,400 employees, while TMF has more than 6,500.
TMF was acquired by DH in 2008. Three years later, it merged with Equity Trust, a global provider of trust and fiduciary services acquired by DH five months earlier.
In its full-year results for 2016, Amsterdam-based TMF reported revenues of €529m, up from €492m in 2015. Adjusted earnings before interest, taxes, depreciation and amortisation were up to €138m from €130m.
A TMF Group spokesman said “the possibility of an initial public offering is being considered alongside a number of routes, although no decision has yet been taken”.