Nexi prices one of Europe’s largest IPOs in 2019 at €5.7bn

By Bruno Reis

The Italian payments company, Nexi, has priced its initial public offering (IPO), valuing the company at €5.7bn (US$6.44bn).

The IPO marks one of the largest in Europe for 2019, at €9 ($10.18) per share, Reuters reported.

The company runs electronic payments for CartaSi, the credit card operator.

The price was at the firm’s lower end of the range, which has been set between €9 and €9.5 ($10.74).

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Including the business’s debt, Nexi’s total valuation has reached €7.3bn ($8.25) – this is the equivalent of 17.2 times its core earnings.

The company intends to float 35.6% of its shares on the market, which could increase to 40.9% in the event of an overallotment.

Around €2bn ($2.26bn) will be raise prior to the overallotment, which will include €684mn ($773.4mn) in fresh capital to be used to refinance the firm’s debt.

In 2015, Nexi was acquired by Bain Capital, Advent International, and Clessidra.

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