Danish digital payment company Nets has announced price range for its planned IPO this month, which gives the company a valuation as high as DKK32bn ($4.83bn).
The company in its circular offering said it expects to get DKK130-160 per share. The offer period will commence on 13 September2016 and will runs until 26 September 2016.
An IPO has been on the cards since the startup was acquired by private equity firms Advent International and Bain Capital for DKK17bn.
Nets said its existing shareholders will sell between 37.7 million and 70.6 million of their shares while managers at the company have been granted an overallotment option of up to 15.75 million shares.
The company, which generated revenue of DKK6.84bn in 2015, intends to use the proceeds to repay debt.
Nets CEO Bo Nilsson commented: “There is clearly a real appreciation of the transformation Nets has undergone in the past two years, with the company emerging as a highly commercial, customer – centric, innovative leader in the fast – growing digital payments space. There is also an understanding of the well-diversified position Nets has built at the heart of the Nordics payments eco-system over many years, providing us with a number of exciting opportunities for future growth within the world’s most digitised societies.
“I am proud of what everyone at Nets has achieved, and we look forward to building on our track record of success, continuing to deliver more new products and services for our customers and value for our shareholders.”
Deutsche Bank, Morgan Stanley and Nordea have been appointed as joint global co-ordinators and joint bookrunners.