LONDON: British payments processing firm Worldpay Group Ltd. said it planned to raise about 890 million pounds ($1.4 billion) through a London listing.

The company, owned by Advent International and Bain Capital, said it expected a free float of at least 25 percent following its initial public offering, with an over-allotment of up to 15 percent.

Worldpay, which provides platforms that allow merchants to accept payments by cards and other methods, said the IPO would give it access to more capital raising options and help it reduce debt.

Earlier this year, Worldpay hired banks to prepare for a listing that could value the business at around 6 billion pounds.

The listing also paves the way for Worldpay’s existing shareholders, senior management and employees to cut their investment in the firm. The company’s private equity owners bought it from Royal Bank of Scotland in 2010 for about 2 billion pounds.

Worldpay expects to be admitted to trading in October and will be eligible to join London’s bluechip index. Barclays Bank Plc, Credit Suisse Securities Europe Ltd. and UBS Limited are acting as joint bookrunners, the firm said.