Finance tech firm bucks IPO trend
Dutch payment-processing firm Adyen plans to price an IPO at the top end of its range following strong investor interest in Europe's largest financial technology stock sale this year.
Investors including General Atlantic and Index Ventures are expected to sell as much as 14.2pc of the outstanding shares - including an over-allotment option - at €240 apiece, according to deal terms seen by Bloomberg News. A sale at that price would value Adyen at €7.1bn.
The initial public offering will raise as much as €947m and the sale was expected to close at 8am today, according to deal terms. The deal was fully subscribed hours after it opened.
Adyen is an exception in Europe, where several companies have struggled this year to sell shares amid stock market volatility and political uncertainty. Issuers in the region raised about €19.5bn and postponed or withdrew IPOs worth close to €5bn, according to data compiled by Bloomberg. The largest IPO this year was for German health equipment company Siemens Healthineers, which raised €4.2bn.
For years, systems for processing payments in stores and online have been controlled by big banks, credit card issuers and a few long-standing IT suppliers. Adyen is part of a new breed of firms challenging this hegemony, and the EU has embraced the new order to create more consumer choice.
Adyen, whose clients include Netflix and Spotify, replaced PayPal as eBay's payment processor. It's expected to commence trading in Amsterdam tomorrow. (Bloomberg)