UAE-based Network International plans London IPO

The payments solution provider plans to sell a 25% stake
UAE-based Network International plans London IPO
By Bernd Debusmann Jr
Thu 14 Mar 2019 12:18 PM

UAE-based payments solutions provider Network International has announced that it will publish a registration document and is considering proceeding with an initial public offering in London.

In a statement, the company said that, following any plans to proceed with the IPO, it plans to undertake a reorganisation of its structure, governance and internal contractual arrangements. The newly incorporated company would become the ultimate holding company of the group.

Additionally, the company would apply for admission of its ordinary shares to the premium-listing segment of the Official list of the Financial Conduct Authority and to trading on the London Stock Exchange. Prior to admission, the company will be re-registered as a public company and renamed Network International Holdings Plc.

“Considering the global nature of our business, London was our first option given its mature and developed fintech and payments sector,” Network International CEO Simon Haslam said in an exclusive interview with Arabian Business. “In addition, London also has one of the world’s deepest pools of capital, access to a wide investor base and a balanced and respected framework of regulation and corporate governance.

Immediately following admission, the company intends to have a free float of at least 25 percent of the company’s issued share capital and expects that it would be eligible for inclusion in FTSE UK indices. It’s working with Citigroup Inc., Emirates NBD Capital, JPMorgan Chase & Co., Morgan Stanley, Barclays Plc, Goldman Sachs Group Inc., Liberum Capital Ltd. and Evercore Partners International LLP on the sale.

When asked whether Network International is concerned by the uncertainty surrounding Brexit, Haslam said that the company would not be directly affected.

“Naturally, we will keep a close eye on market developments and will see how things unfold over the coming weeks and months,” he said. “However, our business operates outside the European Union so would not be impacted directly by the UK’s relationship with the UAE.”

In February, UAE-based payments and foreign exchange provider Finablr – the parent company of UAE Exchange – will also launch an IPO in London.

“While I cannot comment on Finablr, it is a good business – albeit not a payments business – and I’m sure they will do well in pursuing their own strategic options,” Haslam said. “However, we are very confident in the prospects of our business.”

“We are the only pan-regional provider of digital payment solutions at scale, with presence across the entire payments value chain in the world’s most under-penetrated payments market.”

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