Network International LLC is pressing ahead with its plan to list its shares on the London Stock Exchange, in a move that could drive its valuation to about $3 billion.
The Dubai-based payments processor said the IPO would comprise existing shares to be sold by existing shareholders. Network International expects to have a free float of at least 25% of its shares and be eligible for inclusion in the FTSE U.K. indices following the offering.
Citigroup Global Markets Ltd. will serve as joint global coordinator and joint book runner on the offering, along with J.P. Morgan Securities PLC, through J.P. Morgan Cazenove, Emirates NBD and Morgan Stanley & Co. International PLC. Meanwhile, Barclays Bank PLC and Goldman Sachs International will serve as joint book runners, with Liberum Capital Ltd. as co-lead manager. Evercore Partners International LLP will also serve as financial adviser.
The company added that it plans to appoint an additional independent nonexecutive director, while Emirates NBD Bank PJSC, which owns a 51% stake, also has the right to nominate an additional director.
Network International processed approximately 681.4 million transactions in 2018, reporting total revenue of $297.9 million.