Dubai payments firm Network International picks banks for London IPO

Residential and commercial properties stand on the city skyline in Dubai, United Arab Emirates, on Wednesday, April 11, 2018. Photographer: Christopher Pike/Bloomberg

The owners of Middle Eastern payment processor Network International have picked six investment banks to manage a potential initial public offering that could value the firm at about $3 billion, according to people familiar with the matter.

Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley were hired as global coordinators for the stock sale, which could take place next year in London, the people said, asking not to be named as the details aren’t public. Barclays Plc, Goldman Sachs Group Inc. and Emirates NBD Capital are acting as bookrunners for the listing, the people said, while Evercore is the financial adviser.

The IPO could see shareholders sell a combined 25 percent to 30 percent of the company, the people said. Warburg Pincus and General Atlantic jointly own a 49 percent stake in Network International, while Emirates NBD PJSC, Dubai’s biggest bank, holds the remaining 51 percent.

No final decisions have been made on the venue or timing of the IPO for Network International, the people said. Representatives for the private equity firms, Emirates NBD, Barclays, Citigroup, JPMorgan, Morgan Stanley and Goldman Sachs declined to comment. A representative for Evercore wasn’t immediately available for comment.

Tech IPOs

The European technology sector has seen a flurry of deals over the past year, in part because investors expect fintech firms in the region to benefit from regulatory initiatives to support the industry including better risk management and more stringent monitoring of cryptocurrencies. Shares in Adyen NV, a previously obscure Dutch fintech, have more than doubled since its trading debut in Amsterdam in June, making it one of the region’s biggest success stories.

Still, some Mideast firms that have attempted to list have had a harder time, and Network International may be seen as a litmus test for future IPOs from those markets. Emirates Global Aluminium said in September that it would delay its IPO due to unfavorable market conditions. The decision followed U.S. President Donald Trump’s tariffs on the metal.

Warburg Pincus and General Atlantic acquired the stake in Network International from now-defunct Abraaj Group and sovereign wealth fund Emirates Investment Authority in 2015. The Dubai-based company, created as a division of Emirates Bank in 1994, provides services to more than 65,000 merchants and 220 financial institutions, according to its website.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.