Nets valued at $4.5 billion in IPO

Nets valued at $4.5 billion in IPO

The private consortium of owners of Nordic payments processor Nets have almost doubled their money as the company realised a value of 30 billion kroner ($4.5 billion) as it floated on Nasdaq Copenhagen.

Advent International, Bain and Danish pension fund ATP acquired Nets for 17 billion kroner from a group of 186 Nordic banks in March 2014.

Nets opened trading with a share price of 150 kroner, following a massively oversubscribed offering of 52% of the company's equity in a free float to institutional investors.

The share price rose by 4.7% in early trading, before subsiding to 1.7% off the opening to 147.4 kroner by mid-morning.

Nets plans to use the proceeds to pay down debt and retool the business for growth in the booming digital payments market.

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