NewDay, the consumer credit provider, has hired a quartet of banks to advise on a London stock market listing expected to value it at more than £2.5bn.
Sky News has learnt that NewDay and its owners have appointed Bank of America, Morgan Stanley and Citi as joint global co-ordinators of a flotation that is being lined up for the first half of next year.NewDay runs co-branded credit cards with the likes of AO World Pic: AO World An initial public offering of NewDay would enable a partial exit for Cinven and CVC Capital Partners, its private equity backers since early 2017.
One source close to the business said that NewDay's status as a regulated entity while offering a Buy Now, Pay Later product - branded Newpay - would be a key differentiator for public market investors during a period of intensifying scrutiny of the sector.NewDay was responsible for issuing nearly 20% of the UK's credit cards last year, and recently launched Bip, which it claims is the country's first cardless credit product.
It describes itself as one of the UK's most inclusive lenders, and says it has helped two million customers improve their credit scores in 2020.
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