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Bloomberg
Nexi SpA shares fell in Milan trading after the initial public offering of the payments-service company raised 2.01 billion euros ($2.27 billion), making it the biggest listing in Europe so far this year.
Nexi declined 5.5 percent to 8.50 euros. A mix of existing and new shares in the Milan-based company were sold to more than 340 investors from around the world, including over 100 Italian investors.
The offer included a capital increase of 700 million euros. Shares were sold at 9 euros each, with the IPO price giving the company an equity value of about 5.7 billion euros.
Nexi, whose investors include Advent International, Bain Capital and Clessidra SGR, will have free float of 35.6 percent. Nexi is Italy’s biggest payment-service company, operating in merchant servicing, card payments and digital solutions. The firm has partnerships with about 150 Italian banks and has a 60 percent market share in card issuing. Nexi posted net income of 20 million euros last year with operating revenue of 931 million euros.