Network International considers IPO
Written by Peter Walker
Network International, the digital payments company operating across over 50 countries in the Middle East and Africa, has announced that it is considering proceeding with an Initial Public Offering (IPO) on the London Stock Exchange’s (LSE) main market.
The company has also appointed former Worldpay chief executive Ron Kalifa as its new chairman.
Should the company proceed with an IPO, it is expected that the offer would be comprised of existing shares to be sold by existing shareholders.
Immediately following admission to the LSE, the company intends to have a free float of at least 25 per cent of the issued share capital and expects that it would be eligible for inclusion in FTSE UK indices.
Simon Haslam, chief executive of Network International, said: “Today’s announcement is an exciting next step in our journey and is testament to the hard work and commitment of all our employees.”
“Our markets of Middle East and Africa are some of the most exciting in the world and are only just beginning the journey from cash to digital payments,” he continued, pointing out: “Across our footprint, 86 per cent of all payment transactions are still made in cash and only 20 per cent of the adult population have debit cards, representing a huge structural growth opportunity.