Dubai Payments Firm Picks Citigroup, JPMorgan for IPO - Bloomberg:
The owners of Middle Eastern payment processor Network International have picked six investment banks to manage a potential initial public offering that could value the firm at about $3 billion, according to people familiar with the matter.
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, the people said, asking not to be named as the details aren’t public. Barclays Plc, Goldman Sachs Group Inc. and Emirates NBD Capital are acting as bookrunners for the listing, the people said, while Evercore is the financial adviser.
The IPO could see shareholders sell a combined 25 percent to 30 percent of the company, the people said. Warburg Pincus and General Atlantic jointly own a 49 percent stake in Network International, while Emirates NBD PJSC, Dubai’s biggest bank, holds the remaining 51 percent.
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