British banking software group Misys to return to stock market: Reuters

(Reuters) — British banking software services company Misys expects to raise around 500 million pounds ($636 million) when it returns to the London Stock Exchange in a flotation planned for early November, it said on Thursday.

The London-based group delisted in 2012 when private equity firm Vista bought it for 1.27 billion pounds. As part of the return to the market, Vista may also sell down some of its holding.

“I believe that the return to public markets as a larger, more innovative and more effective company is a logical step in our evolution,” Chief Executive Nadeem Syed said.

Misys develops and licenses software to banks and investment management firms and recorded a compound annual growth rate in revenue and adjusted core earnings of 8 and 11 percent respectively from 2014 to 2016.

In the year ended May 31, 2016, Misys generated revenue of 811.4 million euros ($908 million).

Goldman Sachs, BofA Merrill Lynch and J.P. Morgan Cazenove are acting as sponsors and bookrunners.