Nordic payments firm Nets to IPO
Nordic payments firm Nets has successfully IPO-ed on Nasdaq Copenhagen Exchange the tune of DKK 30 billion ($4.5 billion).
It opened trading with a share price of DKK 150 ($22.5). The price fell slightly to DKK 148.5 ($22.3) by midday local time.
Nets is owned by two venture capital forms, Advent International and Bain Capital, and a Danish pension fund, ATP. They plan to reduce their holdings in Nets.
The current owners purchased Nets in March 2014 from a group of Nordic banks (including Denmark’s central bank). They paid DKK 17 billion ($2.5 billion).
According to the vendor, the sale is expected to generate proceeds of about DKK 5.5 billion ($823 million) through the issue of new shares.
Deutsche Bank, Morgan Stanley and Nordea were appointed as joint global co-ordinators and joint bookrunners for the IPO.
Danske Bank, DNB Markets, JPMorgan and UBS Investment Bank are joint bookrunners.
Lazard & Co was appointed as financial adviser.
Nets has been selected by a Danish banking collective of 62 banks to launch a new NFC mobile wallet solution.
It has also teamed up with JCB to use J/Speedy, JCB’s contactless technology, for Dankort payments with smartphones.
Outside the Nordics, Nets has recently joined forces with Istituto Centrale delle Banche Popolari Italiane (ICBPI), to launch an instant payments solution in Italy.
Have you seen our awesome infographics on real-time payments across the globe, created together with Nets and ACI Worldwide?