Nets Holding launched Europe’s biggest initial public offering since the UK voted to leave the EU, with a listing that gives Scandinavia’s biggest payments processor a market capitalisation of about DKr30bn ($4.5bn)
The flotation of Nets on the Danish stock exchange is expected to be priced at Dkr1.50 a share, the
upper end of its initial range, raising about DKr5.5bn through the issue of new shares and a partial sell down by its private equity owners.
It is only two years since Nets was bought by the US private equity firms Bain Capital and Advent International, in a consortium with Danish pension fund ATP Group.
Advent International, Bain and Danish pension fund ATP acquired Nets for 17 billion kroner from a group of 186 Nordic banks in March 2014.
Nets opened trading with a share price of 150 kroner, following a massively oversubscribed offering of 52% of the company’s equity in a free float to institutional investors.
The share price rose by 4.7% in early trading, before subsiding to 1.7% off the opening to 147.4 kroner by mid-morning.