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Network International unveils price range of IPO on London exchange

Network International unveils price range of IPO on London exchange
The price range for the IPO has been set at 395 pence to 465 pence per share
Emirates NBD
EMIRATESNBD
0.29% 17.30 0.05

Dubai – Mubasher: Network International, an affiliated associate of Emirates NBD, on Monday announced the pricing range for its initial public offering (IPO) on the London Stock Exchange (LSE).

The price range for the IPO has been set at 395 pence to 465 pence per share, implying a market capitalisation on Admission of between GBP 1.975 billion and GBP 2.325 billion, according to Network International’s statement.

The share sale of Network International, the Middle Eastern payment processor, is expected to be valued at as much as $3 billion, according to Bloomberg News.

The offer will involve the secondary sale of shares by Emirates NBD Bank PJSC and WP/GA Dubai IV B.V. (Selling Shareholders), the statement added.

The UAE-based payments provider noted that the expected institutional offer size comprises of at least 125,000,000 shares.

“The Selling Shareholders have also granted Citigroup Global Markets Limited, as stabilising manager, an over-allotment option (the “Over-allotment Option”) to purchase up to a maximum of 15% of the total number of Institutional Offer Shares,” the statement highlighted.

However, Network International confirmed that the offer comprises shares to be acquired by Mastercard Inc. (Mastercard), as a cornerstone investor (Cornerstone Investment), according to Emirates NBD’s statement to the Dubai Financial Market (DFM).

Under this offer, Mastercard will invest up to $300 million in Network International’s IPO, the Dubai-based lender said.

The statement pointed out that this potential investment is part of Network International’s ongoing marketing efforts in relation to its IPO, and has no influence on the bank’s current position as a shareholder in Network International.

“Mastercard’s investment is conditional upon Admission and certain other conditions being satisfied, including an institutional free float of at least 25%,” Network International’s statement showed.

Network International has engaged Citigroup Global Markets Limited ("Citigroup"), as sole sponsor, joint global co-ordinator and joint bookrunner, Emirates NBD, J.P. Morgan Securities plc and Morgan Stanley & Co. International Plc. to act as joint global co-ordinators and joint bookrunners and Barclays Bank PLC (Barclays) and Goldman Sachs International (Goldman Sachs) to act as joint bookrunners.

On 21 March, the company revealed that it was planning to apply for admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority (Official List) and to trading on the LSE's main market for listed securities (Admission).