Six banks to manage Network share offer

The owners of Middle Eastern payment processor Network International have picked six investment banks to manage a potential initial public offering (IPO) that could value the firm at about $3 billion (Dh11 billion).

Citigroup Inc, JPMorgan Chase & Co. and Morgan Stanley were hired as global coordinators for the stock sale, which could take place next year in London, sources said. Barclays plc, Goldman Sachs Group Inc and Emirates NBD Capital are acting as bookrunners for the listing, while Evercore is financial adviser.

The IPO could see shareholders sell a combined 2530 per cent of the company. Warburg Pincus and General Atlantic jointly own a 49 per cent stake in Network International, while Emirates NBD holds the remaining 51 per cent.

Warburg Pincus and General Atlantic acquired the stake in the payments firm from the now defunct Abraaj Group and sovereign wealth fund Emirates Investment Authority in 2015. The Dubai-based company, created as a division of Emirates Bank in 1994, provides services to more than 65,000 merchants and 220 financial institutions.

No final decisions have been made on the venue or timing of the IPO.