Adyen Shares Start Trading At 67 Percent Above IPO Pricing

Shares of the Dutch payment processing firm Adyen debuted Wednesday (June 13) at €400, or about $470, which stood at 67 percent higher than the company’s IPO pricing. Share were selling at more than €500 ($589).

Trading of Adyen shares took place on Amsterdam’s Euronext exchange.

The company had raised €947 million ($1.1 billion) for its investors in the biggest technology IPO in Europe so far this year. Such company investors as General Atlantic and Index Ventures sold 13.4 percent of the outstanding shares at €240 apiece.

“The Dutch firm is not issuing new shares. Instead, its shareholders are selling their stock,” CNBC reported. The company won’t receive any proceeds from the IPO, which implies a market capitalization of €7.1 billion. Volatile stock markets and political uncertainty has made it challenging for other Europe-based companies to sell shares.

Adyen offers payment processing for stores and online transactions — tasks traditionally controlled by major financial institutions, credit cards and some IT suppliers. Adyen stands outside that system. Last year, it generated more than 1 billion euros in revenue by processing payments for such major digital firms as UberNetflixeasyJetFacebook and Spotify.

Adyen also earlier this year scored another win when eBay announced its plans to stop working with long-time partner PayPal in favor of Adyen.

Morgan Stanley and JPMorgan Chase acted as joint global coordinators and joint bookrunners for the IPO offering. ABN Amro Bank NVBofA Merrill Lynch and Citigroup were appointed as joint bookrunners.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.