Danish payments processor, Nets Holding, has announced plans for an Initial Public Offering (IPO) through the issue of new shares that is expected to raise around DKr 5.5 billion ($824 million) for equity owners Advent International Corporation and Bain Capital Private Equity who bought the company in a consortium with Danish pension fund ATP Group two years ago.
The payments processing provider has produced strong growth on the back of rising use of the internet and mobile devices to transfer money, an area in which the Nordic region is particularly ahead of the game.
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The company has invested over DKr 3.9 billion ($584 million) over the past two and a half years in streamlining its IT platforms, and on acquisitions handled 7.3 billion transactions last year, an increase of more than 6 billion two years earlier, and has posted H1 2016 revenues of Dkr 3.6 billion ($539 million).
Bo Nilsson, CEO of Nets, said: “The IPO of Nets is the next step in the development of the Nets group following a period of rapid growth and considerable investment, during which the business has been transformed. Nets is now a highly commercial, customer-centric, innovative leader in the fast-growing digital payments space. We believe these changes, combined with our unique business model and the exceptional efforts from our employees, make us a company well placed for long-term future growth and a compelling story for potential investors.”
The move highlights the prominence of the Nordic region in the IPO market with Denmark’s Dong Energy pulling off this year’s biggest flotation in the world which was values at approximately $16.5 billion in June.
The company expects to list on the Nasdaq Copenhagen market in October.