Dubai – Mubasher: Network International has reportedly selected three international investment banks to manage its potential initial public offering (IPO).

The UAE-based payment processing firm has picked Citigroup and JPMorgan Chase & Co to manage its stock sale on the London Stock Exchange (LSE), informed but unnamed sources told Bloomberg on Thursday.

They added that the IPO may take place in 2019 but did not reveal when during the year the stock sale would take place.

Network International’s listing bookrunners will be Barclays Plc, Goldman Sachs Group Inc., and Emirates NBD Capital, the sources noted, adding that Evercore had been selected as financial adviser.

Network International’s shareholders are likely to sell between 25% and 30% of the firm, the news agency reported, citing the sources as saying. They added that the IPO may value the UAE-based firm at $3 billion.

It is worth noting that Warburg Pincus and General Atlantic had acquired a combined stake of 49% in Network International from Abraaj Group and the UAE’s sovereign wealth fund, the Emirates Investment Authority in 2015.

“No final decisions have been made on venue or timing, the people said. Representatives for the private equity firms, Barclays, Citigroup, JPMorgan and Goldman Sachs declined to comment. Morgan Stanley, Evercore, Emirates NBD and Emirates NBD Capital weren’t immediately available for comment,” Bloomberg concluded.