World's largest non-bank foreign exchange business, Travelex has said that it is planning an initial Public Offering (IPO).

The company, which owns more than 1,500 stores and 1,250 ATMs in 27 countries, said that its income rose 12 per cent to £695million during the year till 31 December, 2013. The company's underlying profits rose 21 per cent to £80.1 million. The profits increased following rising demand from holidaymakers and business travellers in emerging markets including India and China.

Travelex chief executive Peter Jackson said, "The growth in international travel continues to drive increasing demand for foreign exchange services and higher transaction values through our stores and online. With this positive backdrop and our strong financial performance, we are currently evaluating our strategic options which may include an IPO."

The company said that increasing demand for cash through travellers of smartphones helped online and mobile sales grow 18 per cent in the global market. Analysts have said that the listing could value the group at £1 billion and return £300million to the Lloyd Dorfman, current chairman, who founded the company and now holds a 28 per cent stake in the company.