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Adyen prices at top of range, worth 7.1 billion euros at IPO price

Published 12/06/2018, 21:49
© Reuters. FILE PHOTO: The logo of stock market operator Euronext is seen on a building in the financial district of la Defense in Courbevoie
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By Toby Sterling

AMSTERDAM (Reuters) - Adyen, the Dutch fin-tech company whose payments processing technology is used by Facebook (NASDAQ:FB), Netflix (NASDAQ:NFLX) and eBay, said on Tuesday its shares had been priced at the top of the indicated range in its initial public offering, valuing the company around 7.1 billion euros (£6.2 billion).

Existing shareholders are selling a 13.4 percent stake in the company to institutional investors in the offer, which Adyen said was highly oversubscribed, netting the sellers 947 million euros.

Adyen is debt-free and profitable, and its listing is seen as one of the most prominent in Europe this year, after several were shelved in May. Bookrunners had said when the offer was launched last week that books were covered within the first hour.

Chief Executive Pieter van der Does, who does not plan to follow tradition and sound the gong when shares begin trading on Euronext in Amsterdam on Wednesday, said in a statement he was "proud".

The listing "will help us to continue to do what we are doing now: helping our merchants grow and reshaping the payments industry,” he said.

Adyen forecasts medium term net revenue growth of 25-30 percent per year. It reported 2017 net revenue of 218 million euros, up 38 percent.

© Reuters. FILE PHOTO: The logo of stock market operator Euronext is seen on a building in the financial district of la Defense in Courbevoie

Shareholders include General Atlantic, Index Ventures, and Iconiq Capital, the Silicon Valley fund that is an investment vehicle for the founders of Facebook, LinkedIn (NYSE:LNKD) and Twitter.

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