Dutch payment solutions provider Adyen BV set the indicative price range of its planned IPO at between €220 and €240 per share, valuing the company at approximately €6.5 billion to €7.1 billion based on the current number of its outstanding shares.
The offering will consist of a private placement of up to 4,189,102 shares held by certain shareholders to institutional investors in various jurisdictions, including the Netherlands, according to a June 5 statement.
The offered shares is equivalent to approximately 12.7% of Adyen's issued and outstanding share capital, assuming no exercise of the overallotment option. Assuming the overallotment option is exercised in full and assuming full placement of the offer shares, the offering's value will be between €922 million and €947 million, corresponding to up to a maximum of roughly 14.2% of the total number of Adyen's outstanding shares upon completion of the offering.
In order to cover any short positions resulting from overallotments, the managers will be allowed to purchase additional shares of up to approximately 400,000, or 11.9% of the number of shares in the offering, excluding those offered and sold pursuant to the overallotment option.
The offer period expires at 2 p.m. Central European Summer Time on June 12. The final offer price and the final number of offered shares is expected to be announced the same day, while trading of the shares on Euronext Amsterdam is expected to start June 13. Settlement is expected to take place June 15.
Adyen, its shareholders and management board have also entered into customary lock-up arrangements with the underwriters.
Shortly after the final offer price is determined and prior to settlement of the offering, the company will be converted into a public company with limited liability named Adyen NV.
Morgan Stanley & Co. International PLC and J.P. Morgan Securities PLC are acting as joint global coordinators and joint book runners for the offering. ABN AMRO Bank NV, BofA Merrill Lynch and Citigroup Global Markets Ltd. are serving as joint book runners, while J.P. Morgan Securities PLC is acting as stabilization agent on behalf of the managers.
