Payments processing firm Worldpay could be set for the biggest stock market IPO the UK has seen for four years after rejecting speculation of a bid from its French rival.

Worldpay had been heavily linked with a bid from Ingenico worth roughly £6.6 billion. But Worldpay chairman, Sir Mike Rake who is former head of the CBI, ended that speculation by opting for the floatation.

Worldpay is hoping to raise £890 million to help pay off its debts. It will be the biggest IPO since Glencore floated shares in 2011, valuing it at a whopping £36bn.

Its management, and that of its private equity owners Advent, Bain Capital, will cash in part of their stakes. UK employees will receive between £1,000 and £6,000. It is understood that at least a quarter of the business will be floated on the stock market.

Philip Jansen, Worldpay’s chief executive, said: “Worldpay has been transformed into a global leader in payments since it became an independent company in 2010. The IPO is an exciting and logical next step as we seek to continue this momentum. It will enable us to access new capital for growth, augment our global proposition and further enhance our ability to serve customers across the world.”