Adyen Prepares For Possible $11B IPO

Adyen, a Dutch payments processing company, is considering an IPO that could value it at 6-9 billion euros ($7-$11 billion).

The company has offices around the world and serves more than 4,500 businesses, including eight of the 10 largest U.S. internet companies; its customers include Facebook, Uber, Netflix, Spotify, Casper, Bonobos and L’Oréal. In January, it won the contract to supply eBay’s payments, beating out PayPal.

According to Reuters, Adyen is aiming to go public in June, which would be one of the largest IPOs in Europe for a fintech company. While a spokesperson for the company declined to comment on the report, several sources familiar with the matter said that Morgan Stanley and JPMorgan are now acting as global coordinators in the deal, with ABN Amro, Citi and Bank of America Merrill Lynch bookrunning.

The banks also declined to comment.

The company is reportedly looking at the end of May for its intention to float announcement, with the possible listing on Euronext in Amsterdam coming in the middle of June.

The offer size could be around 15 percent of shares and worth around a billion euros, according to the sources. In 2016, Adyen said it was profitable and had sales nearly doubling to $727 million. The company expected similar growth for 2017, with those numbers scheduled to be released later this month.

Adyen’s current investors include Iconiq Capital, which bought an undsiclosed stake at a $2.3 billion valuation in 2015, as well as General Atlantic, Temasek, Index Ventures, and Felicis Ventures.

Last year, Adyen announced it was expanding its partnership with Alipay, China’s largest eCommerce company, allowing retailers around the world to accept mobile payments from Chinese customers in physical stores.

And most recently, it announced it is partnering with omnichannel retail solutions provider Mi9 Retail to allow its merchants to accept payments through Adyen’s newest payments platform, Terminal API.


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