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Dutch payments company Adyen eyes June IPO - sources

Published 09/04/2018, 15:34
Updated 09/04/2018, 15:40
© Reuters.  Dutch payments company Adyen eyes June IPO - sources
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By Toby Sterling, Dasha Afanasieva and Arno Schuetze

AMSTERDAM (Reuters) - Adyen, a Dutch company that processes payments for companies including Airbnb, Uber, Spotify and Netflix (NASDAQ:NFLX), is eyeing a stock market listing in June that could value it at 6-9 billion euros ($7-$11 billion), sources familiar with the matter told Reuters.

Following Spotify's IPO last week, Adyen's listing would be one of the largest in Europe for a fintech company.

A spokesman for Adyen declined comment.

In December, Chief Commercial Officer Roelant Prins told Reuters the company was "exploring options" but did not yet have firm plans for an IPO.

Sources said that Morgan Stanley (NYSE:MS) and JPMorgan (NYSE:JPM) have now been mandated to act as global coordinators in the deal, with ABN Amro, Citi and Bank of America (NYSE:BAC) Merrill Lynch bookrunning.

The banks declined comment.

The company is targeting the end of May for its intention to float announcement, with the possible listing on Euronext in Amsterdam to follow in the middle of June.

The offer size could be around 15 percent of shares and worth roughly a billion euros, the people said.

In 2016, the last year for which figures have been made publicly available, Adyen said it was profitable, with sales nearly doubling to $727 million.

It forecast similar growth for 2017. The numbers for last year are expected to be released later this month.

Current investors include Iconiq Capital, the Silicon Valley fund, which bought a stake of an undisclosed size at a $2.3 billion valuation in 2015. Previous investors include General Atlantic, Temasek, Index Ventures, and Felicis Ventures.

Adyen, which competes with WorldPay owner Vantiv [VANTV.UL] and France's Worldline (PA:WLN) in a diverse landscape of payments companies, says it still has room to grow.

In January, Adyen won the contract to supply eBay's payments, beating out PayPal, the former in-house payments service eBay spun out nearly three years ago.

At a meeting with journalists last week, CCO Prins said that there are several forces driving its growth, notably the need for merchants to keep up with an ever-growing list of mobile payment software apps.

"We feel there are so many more markets for us out there, many more industries for us to continue that growth path," Prins said.

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