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Network International plans London flotation
Posted on Thursday, 14 March 2019 12:57
Dubai-headquartered payment processing company Network International has said it is considering conducting an initial public offering (IPO) on the London Stock Exchange.
The company made an announcement, stating that it has published a registration document with a view to floating.
Under the terms of the proposed transaction, the stock being listed would be comprised of existing shares sold by current investors in the firm.
It stopped short of providing any financial details of the planned listing, but banking sources told Reuters it would value Network International at around USD 3.00 billion.
At this stage, it is not clear when completion of the IPO is likely to take place, but following admission, the company intends to have a free float of at least 25.0 per cent of its issued share capital.
Network International’s portfolio of payment products and services are used by more than 65,000 merchant partners and 200 financial institutions across more than 50 countries.
According to its website, the company is the first independent vendor to have been certified by both Visa and Mastercard for payments in the Middle East.
In addition to its headquarters in Dubai, the firm has operation centres in the UAE, Egypt, Jordan, South Africa and Nigeria.
Network International posted revenue of USD 298.00 million in 2018, up from USD 262.00 million in the previous year.
Zephyr, the M&A database published by Bureau van Dijk, shows there were six IPOs worth a combined USD 357.00 million announced by financial transactions processing, reserve and clearinghouse companies announced worldwide during 2018.
This represents an increase from five worth USD 315.00 million in the previous year.
2018’s most valuable listing in the sector involved Cayman Islands-based Huifu Payment, which announced a planned flotation in Hong Kong in mid-March.
Other companies in the sector to have unveiled plans to go public last year include TruFin, Saman Kish Electronic Payment Company and Splitit Payments.
© Zephus Ltd