Foreign exchange mogul, Travelex revealed earlier today that its private equity majority proprietor is eyeing a possible stock market flotation which could be valued at more than £1 billion.

The company which is regarded as the largest non-banking Forex business in the global market with well over 1,500 stores and 1,250 ATMs in more than 27 countries announced that there will be a 21 % jump in its underlying profits of last year’s £80 million. Moreover, income rose 12 per cent to £695m.

With this positive backdrop seen and the strong financial performance, the possibility of e good strategic evaluation may be within reach. The rise in income was primarily driven by expansion in emerging markets and a bolstering from the ownership of smartphones and tablet devices which made it convenient for many clients to order cash while on the go.

Moreover, the secular growth in the international travel still continues to be a driving factor in the ever increasing demand for foreign exchange services and a higher transaction value through online stores.

The company said it was looking to expand into several new markets having launched operations in Oceana and the Caribbean earlier this year. However, there are still some markets that were not as well presented in. Turkey for instance is a market that is still left untouched. At the estimated stock market evaluation, the company would soon be entering the FTSE 250 index indefinitely.

The incumbent chief executive of the company who became chief executive over four years ago has reshaped the company by selling a business-to-business Forex platform three years back for £600 million with the hopes of bolstering its consumer operations.

It was able to buy 49 % stake in Brazil’s biggest independent retail currency market last year with a goal of buying the rest by the later part of the year. It was also believed that the company has tried to assess interest in a possible trade sale of the business as an optional alternative to an IPO.

Finally, it was once thought that American Express and several other Asian banks which included state-owned lender Industrial and Commercial Bank of China, all having considered as potential offers without being definite.