DUBAI: Network International (NI), an affiliated associate of Emirates NBD Group is considering an Initial Public Offering (IPO) on the London Stock Exchange (LSE).
“In the event Network International (NI) shareholders decide to proceed with any transaction, further announcement will be made in the due course in accordance with the applicable laws and regulations,” a notice received at Dubai Financial Market (DFM) noted.
Following any decision to proceed with an IPO, Network International plans to undertake a re-organization of its structure, governance and internal contractual arrangements.
The company intends to have a free float of at least 25% of the company’s issued share capital and expects that it would be eligible for inclusion in FTSE UK indices.
The company has engaged Citigroup Global Markets Limited as Sole Sponsor, Joint Global Co-ordinator and Joint Bookrunner, Emirates NBD Capital Limited, J.P. Morgan Securities plc which conducts its UK investment banking activities as J.P. Morgan Cazenove and Morgan Stanley & Co. International plc to act as Joint Global Co-ordinators and Joint Bookrunners and Barclays Bank PLC and Goldman Sachs International to act as Joint Bookrunners and Liberum Capital Limited as Co-Lead Manager in the event the offer proceeds. Evercore Partners International LLP is acting as Financial Adviser.[the_ad id=”31605″]Ron Kalifa, incoming Chairman of Network International said: “The global payments sector is undergoing a period of rapid change. Experience has shown me that to succeed in this new environment, businesses have to demonstrate deep local market expertise together with sophisticated and innovative technology solutions. Network International has a long successful history of combining both these factors, having built a market leading position in the Middle East and Africa, the world’s most under-penetrated payments markets. I am excited by today’s announcement, which will see a potential premium listing on the London Stock Exchange and will open the company to new shareholders allowing them to also benefit from the company’s attractive growth trajectory.”