In a filing to the London Stock Exchange, Xchanging has priced its initial public offering (IPO) at between 210p and 240p per share.

The firm said that it planned to sell 86 million shares, raising proceeds of around £193m and giving it a market value of around £500m.

General Atlantic, Xchanging's largest shareholder, said it would be selling 38 million shares, while £75m would be raised from the sale of new shares.