PE-backed payments giant Network International tables London IPO

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Private equity backed payments processing business Network International has revealed plans to float on the London Stock Exchange.

The company is owned by Dubai’s largest bank Emirates NBD and private equity majors Warburg Pincus and General Atlantic.

The Dubai-based business has said it will have a free float of at least 25 per cent of its share capital and expects to be eligible for the FTSE UK indices.  The offer would also be comprised of shares owned by existing shareholders.

Network International provides payments processing services to the ecommerce markets across the Middle East and Africa, and reported revenues of $298m for 2018.

Last year the company generated 75 per cent of business in Middle Eastern countries while the rest was sourced from the significantly underpenetrated payments market in Africa.

Last year the company processed around $40bn of payments for more than 65,000 merchants, according to its website.

In 2010, beleaguered buyout house Abraaj purchased a stake in Network International for around $539m, representing its inaugural investment for Abraaj Buyout Fund IV.

Abraj would go on to sell a 49 per cent stake in the business to its current owners in 2015, abandoning IPO plans in the process.

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