Network International has become the largest payments company on the FTSE 250 Index.
The Dubai-based outfit, which enables digital commerce in the Middle East and Africa, has been included in the prominent index after its hugely successful initial public offering (IPO) in April this year.
Network International raised 1.1 billion pounds ($1.4 billion), making it the biggest listing in Europe this year.
The company was also the first of scale to list in London this year, a market shrouded in uncertainty amid concerns over the impact of Britain’s protracted exit from the European Union.
Network International was founded in 1994 as a subsidiary of Emirates NBD. Now-defunct emerging markets investor Abraaj Group bought a 49 percent stake in the firm in 2011, which it sold to Warburg and General Atlantic in 2015.
Following the IPO, where some 200 million shares were sold for 435 pence each, Emirates NBD said it owns 25.5 percent of the company. The bank had gross proceeds from the sale of 554.5 million pounds. Warburg and General Atlantic also sold shares in the IPO and now own 24.5 percent, according to a statement released at the time.
The FTSE 250 Index represents the performance of mid cap stocks trading on the London Stock Exchange. The 25-year-old index is used daily by investors and promoters of investment products in the UK and globally.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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