Santander-backed payments company Ebury is preparing to re-enter the public markets with a London flotation that could value the business at £2bn, Sky News reported.

After a previous attempt to go public was blocked by market instability, advisers now point to the second quarter of 2026 as a likely window for the initial public offering.

Delayed by Global Market Turbulence

Ebury had originally planned to list earlier this year, but the IPO was derailed by market volatility triggered by global tariffs under the Trump administration. Sources in the City said that the autumn market conditions were not suitable for a successful listing, prompting the delay.

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The company, which facilitates cross-border payments for small businesses, is expected to pursue a valuation of around £2bn. Santander is reportedly unlikely to proceed if the target valuation cannot be met.

Several banks, including Barclays, Goldman Sachs, and Peel Hunt, have been engaged to advise on the IPO and help manage the potential listing. Discussions between Ebury’s board and investment bankers suggest that spring 2026 is now the tentative launch period for the offering.

Expanding Presence in Cross-border Payments

The upcoming IPO would mark a significant step for Ebury in expanding its presence in the cross-border payments market. Analysts note that achieving the expected valuation will be critical, as the company looks to capitalize on improving market conditions after the previous setback.

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Expect ongoing updates as this story evolves.

Source: Finance Magnates