LONDON, March 14 (Reuters) – Network International, the largest payment processing firm across the Middle East and Africa, said on Thursday it planned to list on the London Stock Exchange.
The Dubai-based company, jointly owned by Dubai’s largest bank, Emirates, and private equity firms Warburg Pincus and General Atlantic, said it would trade on the LSE’s main market and have a free float of at least 25 percent of its issued share capital.
The offer would include existing shares to be sold by existing shareholders.
Payments processing assets have been in demand in recent years as consumers worldwide switch to digital forms of payment from cash. But tepid investor appetite for stock offerings, due to uncertainty about Brexit, U.S. political tensions and a global economic slowdown have deterred other companies from going public over the past few months.
Volkswagen said on Wednesday it would halt preparations for the IPO of its trucks unit Traton until market conditions improve, stalling what was expected to be Germany’s biggest share offering this year. (Reporting by Clara Denina; editing by Simon Jessop)