Network International IPO has Demand for all Shares on First Day - Bloomberg

Network International IPO has Demand for all Shares on First Day - Bloomberg:

Network International has demand for all stock being sold on the first day of an initial public offering that will value the Middle Eastern payment processor at as much as $3.1 billion, people familiar with the matter said.

Network International set the price range for its London IPO at 395 pence to 465 pence per share, implying a market value of 1.98 billion pounds to 2.33 billion pounds ($2.6 billion to $3.1 billion), the firm said in a statement on Monday. The offering will allow shareholders Emirates NBD PJSC, Warburg Pincus and General Atlantic to reduce their stakes.

Network International will be among the first companies of scale to test investor appetite in Europe’s lackluster IPO market, where concerns over Brexit and slowing growth in Germany and France have helped push volumes at the start of the year to the lowest level since the financial crisis, according to data compiled by Bloomberg.