UAE-based Network International confirms plans for London IPO

Bloomberg/Simon Dawson

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Emirates NBD holds 51 per cent while Warburg Pincus and General Atlantic jointly own the remaining 49 per cent stake in Network International.

Thursday 21, March 2019 BY MUZORIWA KUDAKWASHE

UAE-based Network International has confirmed plans to go ahead with an initial public offering (IPO) on the London Stock Exchange (LSE).

In a statement, Network International stated that the company intends to float of at least 25 per cent of the company’s issued share capital.

In addition, Emirates NBD Bank, as well as Warburg Pincus and General Atlantic, will provide an over-allotment option of up to 15 per cent of the base offering size.

The payments provider expects admission to the official list of the Financial Conduct Authority to trade on LSE to take place in April 2019, after admission the company also expects to be eligible for inclusion in the FTSE UK indices.

The has appointed Citigroup as sole sponsor, joint global co-ordinator and joint bookrunner, while Emirates NBD Capital, JP Morgan Securities and Morgan Stanley have been hired to act as joint global co-ordinators and joint bookrunners.

Similarly, Barclays Bank and Goldman Sachs will act as joint bookrunners, Liberum Capital has been appointed as co-lead manager on the offer and Evercore Partners was appointed as acting as Financial Adviser.

Additionally, Network International said that the price range of the offer, along with the maximum number of shares to be sold in the offer, will be determined in due course and contained in the prospectus expected to be published by the company in the coming weeks.

TAGS : LSE, Network International , IPO, FTSE UK, Emirates NBD Bank, Warburg Pincus and General Atlantic, Morgan Stanley, JP Morgan, Liberum Capital, Goldman Sachs, Barclays, Emirates NBD Capital, Citigroup

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