Network International Confirms Plan to Proceed With London IPO

(Bloomberg) -- Middle Eastern payment processor Network International plans to list its shares in London next month in the first big initial public offering in the U.K. this year.

Indicative price range, together with the maximum number of shares to be sold in the offer, will be determined in due course, the company said in a statement. Network International intends to have a free float of at least 25 percent of its issued share capital.

An IPO could value the company at about $3 billion, people familiar with the matter said in November and the company expects to be eligible for inclusion in FTSE U.K. indexes. Warburg Pincus and General Atlantic jointly own a 49 percent stake in Network International, while Dubai’s biggest bank, Emirates NBD PJSC, holds the remaining 51 percent.

Network International will be the first company of scale to test investor appetite in Europe’s lackluster IPO market, where concerns over Brexit and slowing growth in Germany and France have helped push volumes at the start of this year to the lowest level since the financial crisis, according to data compiled by Bloomberg.

Citigroup Inc., Emirates NBD Capital, JPMorgan Chase & Co., Morgan Stanley, Barclays Plc, Goldman Sachs Group Inc., Liberum Capital Ltd. and Evercore Partners International LLP are working with the firm on the listing.

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