GlobeOp Financial Services, a UK provider of business process outsourcing services to the hedge fund industry, has unveiled plans to raise around £51.9 million through a listing on the London Stock Exchange (LSE).
Established in 2000, GlobeOp provides Web-based trade support and processing services, as well as fund administration and risk reporting services to hedge funds. The vendor employs 1567 staff in eight offices worldwide, although the majority of its employees are based in Mumbai, India.
GlobeOp says it will list on the LSE with an initial public offering (IPO) of about 20.37 million shares that have been priced at 220-290 pence each. This gives the firm a market capitalisation of about £261.9 million.
GlobeOp investor TA Associates will offer the majority of the shares, with Mezzanine Management Funds and management of the company offering the balance.
Commenting on the move, GlobeOp's chief executive officer, Hans Hufschmid, says: "GlobeOp's flotation is an important and positive next step in our evolution and maturity as a business, strengthening our brand profile with clients and business partners. It will also provide a wider shareholder base the opportunity to benefit from our exposure to the growth of hedge funds and derivatives."
In a separate move Globeop has appointed Clay Brendish as its new chairman.
Brendish retired as deputy chairman of IT services firm CMG plc in 2001. Rooir to this he was the executive chairman of IT group Admiral, a company he co-founded in 1979.