Adyen Shoots For A $1 Billion IPO

There is an official price for Adyen’s IPO scheduled for the Euronext stock market in Amsterdam.  According to reports in the Financial Times, with the pricing of Adyen’s initial public offering, the Dutch payments group has an equity valuation of between €6.5 billion and €7.1 billion.

The list later this month will be one of the larger ones seen in the region in recent years, as Adyen is one of only a handful of European unicorns.

But for the large size it has, the current estimate is lower than what some had been expecting of the Adyen IPO — when the public offering was first announced a month ago, the expected valuation was in the €9 billion range.

According to Adyen, existing shareholders will sell off up to 14.2 percent of the shares in the company during the IPO — for a share price of between €220 and €240 a share. The whole offering is estimated to clock in between €922m and €947m.

“This offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity,” said Pieter van der Does, co-founder. “Adyen will remain a company that is driven by a long-term vision and strategy.”

Adyen’s central service is providing payment services to multinational firms.  Its client list is extensive and impressive — Uber and Airbnb are both known partners. The firm also has extensive investor backing — from groups like London-based Index Ventures, its largest investor, Temasek, Singapore’s state investment company, General Atlantic and ICONiQ, which specializes in investments for Silicon Valley executives.

Adyen’s net revenues increased 38 percent to €218m in the year to December 31.

“We feel that we are still in the early stages of a remarkable journey. Our focus remains on building new functionality and on helping our merchants grow,” van der Does noted in a statement.