Network International raises £1.1bn in London IPO
Dubai-based digital payments company Network International has listed itself on the London Stock Exchange in the biggest initial public offering of the year.
The company, which is a leading enabler of digital commerce across the Middle East & Africa (MEA), raised £1.1 billion in the flotation, valuing it at £2.2 billion.
The listing is also the largest ever technology IPO from a MEA-based firm globally and the largest technology company to list on London Stock Exchange since 2015, the LSE said.
“I am delighted that Network International will join London Stock Exchange today through a Premium Listing on the Main Market, marking an exciting new stage in our journey”, said Simon Haslam, Chief Executive Officer, Network International.
“Over the past few weeks we have seen significant support from the investment community and I would like to take this opportunity to welcome our new shareholders, including Mastercard, onboard.
“I would also like to thank all our employees, whose hard work and dedication have got us to this point. I am confident that Network International is extremely well positioned for future growth with unique scale in the world’s most under-penetrated payments markets.
“The Middle East and Africa are at an early stage in the shift from cash to digital payments and our new listing on London Stock Exchange will enable all new shareholders to benefit from this structural growth opportunity.”
Dr Robert Barnes, Global Head of Primary Markets and CEO Turquoise, London Stock Exchange Group:
“We warmly congratulate Network International on its listing and are proud to welcome the largest MEA tech IPO on record to London Stock Exchange.
“With more than 140 companies from the region raising a combined $36 billion in equity capital on our markets, London continues to be a strong funding partner to dynamic MEA companies seeking to attract international investment. Network International’s IPO also adds to a fast-growing community of tech companies choosing our markets to support their growth journey, reinforcing London’s ability to provide access to sources of liquid, long-term international investor capital.”
William Vereker, the UK Business Envoy said he was delighted that Network International had chosen London for its landmark listing: "London is a thriving hub for the tech community who benefit from joining an ecosystem of entrepreneurs, advisers and investors, enabling leading companies across the globe to secure funding, scale-up and grow.”
Network International’s shares were priced at £4.35 for the launch on the London market.