London Stock Exchange welcomes Network International to the Main Market

London Stock Exchange today welcomes Network International, the leading enabler of digital commerce in the Middle East and Africa (MEA) region, to open London’s markets for trading and celebrate the listing of the Company’s shares on the Premium Segment of the Main Market of London Stock Exchange. For over 25 years, Network International has grown to become a leading international payments company, present in over 50 countries across the world’s most underpenetrated payments markets.

Network International provides a full suite of client-led payments solutions to merchants and financial institutions of all types and sizes. In 2018, the Group processed approximately $40 billion in total process volume (TPV) for more than 65,000 merchants and processed 681 million issuer transactions on more than 13 million cards for over 220 financial institutions.

Headquartered in Dubai, Network has deep local market knowledge and a strong track record of innovation driven by anticipated customer demand. It sits at the heart of the payments ecosystem in the MEA region and is the only pan regional provider of digital payments solutions with a presence across the entire payments value chain.

Network International has a proven, diversified business model generating strong financial returns, with a revenue compound annual growth rate of 13% over the past three years across its two main business lines – Merchant and Issuer Solutions.

Priced on April 10, Network International’s listing marks an important milestone for the business as it continues its growth story. On admission, Network International achieved a market capitalisation of £2.2 billion ($2.8 billion), having raised £1.1 billion ($1.4 billion) from institutional investors at an offer price of 435p per share. The Company’s successful listing on London Stock Exchange highlights strong investor support and reflects the strength of the business.

Simon Haslam, CEO of Network International, said:
"I am delighted that Network International has joined London Stock Exchange through a Premium Listing on the Main Market, marking an exciting new stage in our journey. Over the past few weeks we have seen significant support from the investment community and I would like to take this opportunity to welcome our new shareholders, including Mastercard, onboard. I would also like to thank all our employees, whose hard work and dedication have got us to this point. I am confident that Network International is extremely well positioned for future growth with unique scale in the world’s most underpenetrated payments markets. The Middle East and Africa are at an early stage in the shift from cash to digital payments and our new listing on London Stock Exchange will enable all our shareholders to benefit from this structural growth opportunity."

Dr Robert Barnes, Global Head of Primary Markets at London Stock Exchange and CEO of Turquoise, said:
"We warmly congratulate Network International on its listing and are proud to welcome the largest MEA tech IPO on record to London Stock Exchange. With more than 140 companies from the region raising a combined $36 billion in equity capital on our markets, London continues to be a strong funding partner to dynamic MEA companies seeking to attract international investment. Network International’s IPO also adds to a fast-growing community of tech companies choosing our markets to support their growth journey, reinforcing London’s ability to provide access to sources of liquid, long-term international investor capital."

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
2,061.49
Listing/Admission to trading
10 Apr 2019
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