Escher Group said to be plotting return to London stock market

22nd Aug 2024 13:27

(Sharecast News) - Escher Group, a supplier of software to post offices around the world, is reportedly plotting a return to the London stock market six years after it was taken private.

According to Sky News, Escher - which had long-term contracts with Fujitsu, the Japanese firm which was at the centre of the Horizon IT scandal - is working with bankers on a potential initial public offering.

City sources told Sky that a flotation could take place late this year, although a 2025 listing was more likely. Singer Capital Markets has been appointed to work on the plans.

A spokeswoman for Escher declined to comment on the timing or details of an IPO to Sky, but said it was not currently a supplier to the UK Post Office.

The company's current customers include the US postal service, she added.

It also supplies retailers and companies in other sectors, but describes itself as "the global leader in customer engagement software for Post Offices and couriers".

Escher was taken private in 2018 by London-based firm Hanover Investors, in a deal which valued its shares at about £35m.

Sky said its valuation in an impending IPO was unclear on Thursday.

Hanover's other investments include the luxury motor yacht manufacturer Fairline.