UPDATE 1-UK’s TP ICAP mulls options for data unit, including IPO of minority stake

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March 12 (Reuters) – Broker TP ICAP said on Tuesday that it is exploring options for its high-margin data unit Parameta, which includes the potential listing of a minority stake in the business while retaining ownership.

The company, which is the world’s biggest inter-dealer broker, in a statement said the unit’s growth prospects and value are “not appropriately reflected in our share price”.

Parameta, which sells data to traders, generated 8.6% of the total group revenue in 2023, and the company has come under investor pressure to explore a sale of the unit, according to media reports.

TP ICAP also reported better-than-expected annual adjusted profit before tax of 271 million pounds ($347 million) and announced a new 30 million pound share buyback program.

“Trading in the first two months of the year has been good. We remain comfortable with current market expectations for full-year 2024,” the company said in the statement.

($1 = 0.7810 pounds) (Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil and Sonia Cheema)

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