SumUp Payments Ltd. is lining up investment banks to arrange a potential initial public offering in London, according to people familiar with the matter, in what could be one of the biggest listings the UK capital has seen in recent years.

Fintech SumUp Lines Up Banks for Possible London IPO

(Bloomberg) -- SumUp Payments Ltd. is lining up investment banks to arrange a potential initial public offering in London, according to people familiar with the matter, in what could be one of the biggest listings the UK capital has seen in recent years.

The financial technology group, known for its point-of-sale terminals, is poised to appoint Deutsche Bank AG, Goldman Sachs Group Inc., Jefferies Financial Group Inc. and JPMorgan Chase & Co. to work on the first-time share sale, said the people, who asked not to be identified because the information is private.

London is the preferred venue for the offering, but it could still take place elsewhere, the people said. STJ Advisors LLP is acting as financial adviser.

A successful listing would be a boost for London, which is still recovering from a lengthy drought in IPO activity. Software firm Visma AS, which was set to lead a revival this year, delayed its IPO plans to next year, Bloomberg reported.

SumUp had also considered Amsterdam, Frankfurt and New York as possible listing venues, Bloomberg previously reported. The company could fetch a valuation of $10 billion or more, people familiar with the matter have said.

No final decisions have been made, and the details of the offering including the venue could still change, the people said. Representatives for SumUp, Deutsche Bank, Goldman Sachs, JPMorgan and Jefferies declined to comment.

SumUp is among several European companies pressing on with IPO preparations, hoping that market volatility caused by the war in Iran will have dissipated by the time they’re ready to go public. Driving services firm RAC, tankmaker KNDS NV and lift manufacturer TK Elevator have all been meeting investors in recent weeks, Bloomberg has reported.

SumUp’s plans for a London IPO come after advisers recommended it listed on a European exchange instead of the US, given its smaller business presence in North America. It bucks a trend of fintech companies listing overseas in recent years, such as Sweden’s Klarna Group Plc.

--With assistance from Vinicy Chan and Aisha S Gani.

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