MA MasterCard Incorporated

By Adam Clark

Network International has priced its initial public offering at 2.18 billion pounds ($2.85 billion) as it lists on the London Stock Exchange.

The Dubai-based payment-processor priced its shares at 435 pence a share when conditional dealings began on Wednesday. Network International initially set its range at between 395p and 465p a share at the beginning of April.

Shares rose to 513.10 pence in early trades in London, according to FactSet.

Mastercard Inc. (MA) has already committed to taking a 10% stake as part of a digital-payments push in Africa and the Middle East. The U.S. card company's investment is subject to a 24-month lockup period and a commitment not to buy further shares without Network International's approval for three years.

Existing shareholders Emirates NBD Bank PJSC and U.S. private equity firms Warburg Pincus and General Atlantic will sell an additional 200 million shares, or a 40% stake, on top of the Mastercard investment.

"The Middle East and Africa are at an early stage in the shift from cash to digital payments and our new listing on the London Stock Exchange will enable all new shareholders to benefit from this structural growth opportunity," Chief Executive Simon Haslam said.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

April 10, 2019 03:44 ET (07:44 GMT)

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