Monday, May 27

Dubai’s Largest Payment Processing Firm to Launch IPO

Dubai-based payment processing firm called Network International which is the largest of its kind in the Middle East and Africa, is currently evaluating the possibilities and expecting to launch its initial public offering.

The company is jointly owned by Emirates NBD and private equity firms Warburg Pincus and General Atlantic.

The company stated that its shareholders “are evaluating various strategic options with respect to NI, which may include a potential initial public offering.  At this point in time, no decisions have been taken as to whether NI or its shareholders will proceed with any such transactions.”

However, if NI and its shareholders decide to move forward with any such transaction, further announcements will be made in due course. Earlier in September, the company’s owners were working with investment banks Evercore and Citi on the IPO.

A person familiar to the development stated that the IPO would either be a dual listing in Dubai and London or a single listing in either city. Also, he claimed that IPO was likely to take place in Q2 2019.

In July, Network International announced the launch of Go-Online, an e-commerce platform targeted at local small, medium and start-up businesses.

Talking more about the company, In July, Network International announced the launch of Go-Online, an e-commerce platform targeted at local small, medium and start-up businesses.