PE-Backed Nets Set For Major European IPO by PitchBook
Card payment services provider Nets has set terms for its upcoming IPO that would value the company at up to $4.8 billion. Nets, the issuer of the most popular debit card in Denmark, plans to list on the Nasdaq Copenhagen exchange later this month under the ticker symbol NETS. Advent International and Bain Capital have owned a reported 87% stake in the company since 2014.
For the two firms, a successful IPO would be the second such exit from a European company in the past 12 months. Last October, Advent and Bain earned a combined £3.2 billion in profit in the offering of Worldpay (LON: WPG), a British payments processor. With that sort of precedent, it’s easy to see why they’re going back to the well.