Network International Jumps After $1.4 Billion London IPO - Bloomberg

Network International Jumps After $1.4 Billion London IPO - Bloomberg:

Network International shares surged in London trading after the payments processor raised 1.1 billion pounds ($1.4 billion) in an initial public offering that’s the biggest listing in Europe so far this year.

Network International jumped 22 percent to 532.20 pence at 10 a.m. in London. The Dubai-based company sold 200 million shares for 435 pence each, according to a statement on Wednesday. Mastercard Inc. bought an additional 49.95 million shares as cornerstone investor. The IPO price gave the company a market value of 2.18 billion pounds.

The European IPO market is showing signs of life after a sluggish start to the year. Ten days into the second quarter, listings on European exchanges have already raised more than they did in the first three months of the year, according to data compiled by Bloomberg. First-quarter listings on European exchanges were the lowest since 2012, raising less than $1 billion, the data show.