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Worldpay valued at $7.4 billion in London listing

British payments processor Worldpay Group Ltd has priced its listing on the London Stock Exchange (LSE) at 240 pence per share, valuing the business at 4.8 billion pounds ($7.4 billion).

Worldpay's private-equity owners Advent International and Bain Capital had narrowed the price range for the initial public offering (IPO) to between 235 pence and 250 pence from 225 pence to 260 pence, Reuters reported last week.

A bookrunner for the deal said earlier this month that Worldpay was seeking a valuation of between 4.5 billion pounds and 5.2 billion pounds.

The IPO is the biggest on London's main market this year. Worldpay earlier this year rejected an offer of up to 6.6 billion pounds, including debt, from French rival Ingenico Group SA, a source said at that time.

London has seen fewer firms go public this year, with 93 listings raising about 5.3 billion pounds by Sept. 30, roughly half the 11 billion pounds raised from 136 listings in the same period last year, according to stock exchange data.

British insurer Hastings Group's shares fell below the IPO price of 170 pence on the LSE on Monday.