UAE-based payments provider Network International has confirmed plans to go ahead with an initial public offering (IPO) on the London Stock Exchange, the company announced on Thursday.
According to a statement from the company, it plans to float least 25 percent of the company’s issued share capital.
The company’s admission to the official list of the Financial Conduct Authority to trade on the London Stock Exchange is likely to take place in April.
Prior to admission, the company will be re-registered as a public company and renamed Network International Holdings Plc.
The statement noted that the firm has engaged Citigroup as sole sponsor, joint global coordinator and joint book-runner, with other book-runners including Emirates NBD Capital Limited, JP Morgan Cazenove, Morgan Stanley and Goldman Sachs.
Liberum Capital limited will act as co-lead manager on the offer, while Evercore Partners International will act as financial adviser.
The statement added that the price range of the offer, along with the maximum number of shares to be sold in the offer, “will be determined in due course and contained in the prospectus expected to be published by the company in the coming weeks.”
In an interview with Arabian Business after the firm announced plans to publish a registration document, Network International CEO Simon Haslam said that “considering the global nature of our business, London was our first option given its mature and developed fintech and payments sector.”
““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,” he added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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