PayPal's contender Adyen surges almost 90% in IPO

Business 6/13/2018, 10:38 AM
PayPal's contender Adyen surges almost 90% in IPO

The stock market debut of Adyen NV on Wednesday took the payment service provider's valuation to as much as €13.4 billion. Shares of the company based in Amsterdam jumped 89.15% in early trade, to €453.95. The pricing, set at €240 apiece for the launch at Euronext, was at the top of the guidance range. The €849 million of proceeds from the initial public offering all went to existing owners, including General Atlantic Llc and Index Ventures, and the company didn't raise any capital.

The technology firm, founded in 2006, has operated with a profit since 2011. For last year it reported $122 billion in processed payments, a rise of 61%, with fees at 0.2%. Net revenue grew 38% to €218 million. Adyen means "start over again" in Surinamese. It has 700 workers and 15 offices around the globe.

The IPO was organized for a share of 12%, while the bottom in the target pricing range was €220. The full overallotment or greenshoe option, covering 11.5% of the package, would bring €947 million at the determined price, taking the float to 13.4%. Closing and settlement and the start of unconditional trading are expected on June 15, the ecommerce and point-of-sale system operator said. Shares were 86.56% higher at 10:23 am CET, selling for €447.75.

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