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Tue 9 Oct 2018 10:33 AM

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Dubai-based payments firm Network International mulls IPO

In a statement to the DFM, Network International said that no decisions have been taken so far

Dubai-based payments firm Network International mulls IPO
It was reported earier this year that Network International’s owners were working with investment banks Evercore and Citi on the IPO, with one source saying that that the IPO would either be a dual listing in Dubai and London or a single listing in either city.

Dubai-based Network International, the largest payment processing firm in the Middle East and Africa, is currently evaluating the possibilities of an initial public offering, according to a statement filed to the Dubai Financial Market.

In the statement, Network International – which is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic - said that it and its shareholders "are evaluating various strategic options with respect to NI, which may include a potential initial public offering."

"At this point in time, no decisions have been taken as to whether NI or its shareholders will proceed with any such transactions," the statement added.

"If NI and its shareholders decide to proceed with any such transaction, further announcements will be made in due course."

Citing unnamed sources, in September Reuters reported that Network International’s owners were working with investment banks Evercore and Citi on the IPO, with one source saying that that the IPO would either be a dual listing in Dubai and London or a single listing in either city.

The source added that the IPO was likely to take place in Q2 2019.

In July, Network International announced the launch of Go-Online, an e-commerce platform targeted at local small, medium and start-up businesses.

According to its website, Network International provides services to more than 70,000 merchant partners and 200 financial institutions in more than 50 countries.

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