DUBAI, UAE: Network International (NI), an affiliated associate of Emirates NBD Group, has confirmed its intention to proceed with the Initial Public Offering (IPO) on the London Stock Exchange (LSE), a notification issued to Dubai Financial Market said.
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_ad id=”31605″]Network International (NI) 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.
Following the decision to proceed with the IPO, Network International plans to undertake a re-organization of its structure, governance and internal contractual arrangements.
NI is the leading payment solutions provider in the Middle East and Africa (MEA) region. Network is also the first independent vendor certified by both Visa and Mastercard for payments in the Middle East and a member of the JCB and UnionPay card schemes. Network owns and manages the Diners Club International franchise in the UAE, Egypt, Lebanon and Jordan and is a Payment Card Industry Data Security Standard (PCI DSS) certified company.
With operation centers in the UAE, Egypt, Jordan, South Africa and Nigeria, and the corporate head office in Dubai, Network is positioned to stay abreast of the fast-evolving payments industry and to continue developing solutions for emerging opportunities.