DUBAI: Network International stock jumped after the Dubai payments firm listed its shares in London in what is Europe’s biggest IPO of the year so far.
The shares gained more than 16 percent in early trade after it was listed with a market value of about £2.18 billion.
The share sale is being seen as a key test of investor demand for new listings in London after a subdued 2018 across most European markets.
Citigroup, Emirates NBD, JPMorgan Chase & Co. and Morgan Stanley were among the advisers on the IPO.
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier. It does not disclose net income figures.
The company handles digital payments across the Middle East, which generate three quarters of its total earnings.
Last year it processed some $40 billion in payments for more than 65,000 merchants.
from Business & Economy http://bit.ly/2P3nDGW
via Latest News of Dubai
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