London Stock Exchange/Bloomberg
The Dubai-based payments firm sold 200 million shares for 435 pence each and Mastercard bought an additional 49.95 million shares as a cornerstone investor.
Wednesday 10, April 2019
(Bloomberg) -- Network International’s shares surged after the payments firm raised GBP 1.1 billion ($1.4 billion) in an initial public offering (IPO), the biggest listing in Europe so far this year.
The IPO price gave the company a market value of GBP 2.18 billion.
The firm becomes the first company of scale to list in London this year, a market investors have avoided so far amid concerns around the impact of Britain’s planned exit from the European Union.
The offering will allow shareholders Emirates NBD, Warburg Pincus and General Atlantic to reduce their stakes.
In a statement, Emirates NBD Bank confirmed the sale of 127 million ordinary shares from its shareholding in Network International through a secondary listing of Network International's shares on the London Stock Exchange (LSE) and to MasterCard as a part of the cornerstone investment at an offer price of 435 pence per share.
Citigroup, Emirates NBD as well as JPMorgan Chase and Morgan Stanley were the lead advisers on the IPO, along with Barclays, Goldman Sachs Group and Liberum Capital.
Additionally, Evercore is advising on the listing.
Network International was founded in 1994 as a subsidiary of Emirates Bank. Now-defunct emerging markets investor Abraaj Group bought a 49 per cent stake in the firm in 2011, which it sold to Warburg and General Atlantic in 2015.