Europe’s biggest IPO of 2019 sees Nexi raise €2bn
Italian payment service company Nexi SpA has achieved Europe’s biggest initial public offering (IPO) of the year so far by raising €2.03 billion, Jane Connolly reports.
More than 340 investors, including 100 from Italy, bought the mix of new and existing shares.
Bloomberg reports that with the shares being offered at €9 each, the company is now valued at €7.3 billion – including €1.7 billion of debt, which the proceeds of the €700 million capital increase will help to reduce.
The shares start trading in Milan today (April 16) and Nexi will have free float of 35.6%. The equity value for the company is about €5.7 billion.
Nexi is the third payment-processing company in the region to undertake a major IPO in less than a year, following the listing of Network International in London earlier this month and Adyen NV in Amsterdam last June.
The company is Italy’s biggest payment service firm, with a 60% market share in card issuing and partnerships with about 150 Italian banks. Investors include Advent International, Bain Capital and Clessidra SGR.