Advertisement
|15 April, 2019

Emirates NBD sells 15.3mln shares in Network International

In a statement to the Dubai Financial Market, the bank said it has finalised the sale of 15.3mln over-allocated shares at 0.435 pence per share.

An investor uses his mobile phone at the Dubai Financial Market.

An investor uses his mobile phone at the Dubai Financial Market.

REUTERS/Mosab Omar

Emirates NBD, Dubai's largest lender, confirmed on Sunday that it has exercised the greenshoe option by selling 15 per cent of the IPO of Network International - the largest payment-processing firm across the Middle East and Africa - to Citigroup Global Markets Limited.

In a statement to the Dubai Financial Market, the bank said it has finalised the sale of 15.3 million over-allocated shares at 0.435 pence per share. The gross proceeds from the sale amounted to 66.55 million pounds, the statement added.

Greenshoe option is a clause used during an IPO wherein the underwriters get to buy an additional 15 per cent of the company's shares at the offering price.

Advertisement

Network International, UAE's home-grown payments processor, announced on Wednesday the pricing of its initial public offer at 435 pence per share, valuing the company at £2.175 billion, based on the number of shares issued at the time of admission.

The stock began trading on the London Stock Exchange last week after the payments processor raised 1.1 billion pounds in the IPO.

Mastercard bought an additional 49.95 million shares as cornerstone investor. The IPO price gave the company a market value of 2.18 billion pounds.

The flotation came at a time when payments processing assets remain highly sought-after as consumers worldwide switch to digital from cash, commanding impressive valuations and often achieving high returns for investors.

The European IPO market is showing signs of life after a sluggish start to the year. Ten days into the second quarter, listings on European exchanges have already raised more than they did in the first three months of the year, according to data compiled by Bloomberg.

Khaleej Times: Copyright © 2017 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. ( www.Syndigate.info ).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities