Technology group RTOP plots direct itemizing in enhance to faltering London market

A expertise platform specialising in regulatory compliance will this week define plans to hitch the London inventory market in a welcome, and uncommon, enhance to the City.

Sky News understands that RTOP, which works with purchasers within the monetary companies sector, is to announce that it’s pursuing a direct itemizing in London – a course of which entails an organization going public with out issuing any new shares.

City sources mentioned the itemizing was anticipated to worth RTOP at about £60m, and was being orchestrated by The AvantGarde Group, the Milan-based enterprise which owns it.

An announcement is anticipated as early as Tuesday.

RTOP owns a platform referred to as Orbit Open, which helps purchasers adjust to complicated regulatory necessities.

It works with various giant Italian banks, and hopes {that a} London itemizing will broaden its shopper base.

The firm’s resolution to go public within the UK comes throughout a time of intense introspection about London’s future as a magnet for large firm listings, with the British-based chip designer ARM about to unveil formal proposals for a Nasdaq flotation in New York.

Direct listings of the one being utilized by RTOP are uncommon within the London market, whereas the City has seen few preliminary public choices on any significant scale this yr.

CAB Payments, a cash switch enterprise, raised £335m from a UK IPO final month, though that news was partly overshadowed by the abandonment of an analogous transfer by WE soda after it did not agree on a valuation with buyers.

RTOP declined to remark.