Dutch payment processing firm Adyen raised 947 million euros ($1.1 billion) for its investors in the biggest technology IPO in Europe so far this year.
According to Bloomberg, investors including General Atlantic and Index Ventures sold 13.4 percent of the outstanding shares at 240 euros apiece. The company won’t receive any proceeds from the IPO, which implies a market capitalization of 7.1 billion euros.
Trading in Amsterdam will begin on Wednesday (June 13) at 9 a.m. local time.
“I’m very proud to be building this company with such a great team,” CEO and Co-founder Pieter van der Does said in a statement. “This listing will only help us to continue to do what we are doing now: helping our merchants grow and reshaping the payments industry.”
Adyen’s IPO comes as other companies in the region have struggled this year to sell shares due to a volatile stock market and political uncertainty. In fact, issuers raised about $23 billion and postponed or withdrew IPOs worth close to $6 billion.
While payment processing in stores and online has always been controlled by big banks, credit card issuers and some IT suppliers, Adyen has challenged this system. As a result, it generated more than one billion euros in revenue last year by processing payments for companies including Uber, Netflix, easyJet, Facebook and Spotify.
“The transition to full payments intermediation will be a multi-year journey, and eBay will move as quickly as possible to complete this process within the parameters of the operating agreement with PayPal, which remains in place through mid-2020,” eBay revealed in a press release.