Payment processing firm Network International has announced it plans to launch an Initial Public Offering (IPO) on the London Stock Exchange.
The Dubai- based company, which operates in 50 countries across the Middle East and Africa, has appointed Ron Kalifa, the former chief executive of Worldpay – which listed in London in 2015 – as chairman.
It is jointly owned by Emirates bank and private equity firms Warburg Pincus and General Atlantic, and will have a free float of 25 per cent of its issued share capital. The floatation could value the company at around $3bn (£2.2bn), according to Reuters.
Kalifa said: “The global payments sector is undergoing a period of rapid change. Experience has shown me that to succeed in this new environment, businesses have to demonstrate deep local market expertise together with sophisticated and innovative technology solutions.
“Network International has a long successful history of combining both these factors, having built a market leading position in the Middle East and Africa, the world’s most under-penetrated payments markets.”
Network International said it intends to capitalise on the shift to digital payments in the Middle East and Africa, estimating that the value of card transactions in the region could increase from $286bn in 2017 to $507bn by 2022.
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The firm’s chief executive Simon Haslam said: “Our markets of the Middle East and Africa are some of the most exciting in the world and are only just beginning the journey from cash to digital payments.
“Across our footprint, 86 per cent of all payment transactions are still made in cash and only 20 per cent of the adult population have debit cards, representing a huge structural growth opportunity.”