JP Morgan Asset Management shorts CAB Payments after bank aided IPO
JPMAM was one of the banks involved in the floating of CAB Payments.
As of 12 September, JP Morgan Asset Management had built a 0.5% net short position against CAB Payments' shares, according to Financial Conduct Authority filings.
The bank's investment banking division acted as a sponsor, joint global coordinator and joint bookrunner in the company's initial public offering.
CAB Payments makes London Stock Exchange debut with £851.4m IPO
CAB Payments had a valuation of £851m at IPO, and managed to raise £335m from investors, making it one of the biggest UK IPOs of 2023. According to data from the London Stock Exchange, CAB Payments' share price has dropped more than 17% since its flotation on 6 July.
Investors bought the company's stock in IPO at 335p per share, but its valuation hit a record low on 18 August at 242p per share and, at the time of publication, shares were trading at around 250p per share.
Based on CAB's closing share price on 15 September, JPMAM's holding was worth around £3m.
JPMAM has declined to comment.
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