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August 15, 2022
Finance Technologies

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.

The company is Italy’s biggest payment service firm

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.

Europe’s biggest IPO of 2019 sees Nexi raise €2bn
Europe’s biggest IPO of 2019 sees Nexi raise €2bn
Fintech
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