Adyen share price doubles on market debut

Adyen share price doubles on market debut

Shares in Adyen doubled on the Dutch payments processor's market debut on Wednesday, pushing its valuation close to EUR15 billion.

The fintech giant's shares had been priced at EUR240 for its debut on Euronext but soared to a high of EUR503.90 before slipping back to around EUR470 at lunchtime - still enough to make it more valuable than established financial giants such as Commerzbank.

Adyen scored a notable coup earlier this year to knock PayPal off its perch as the primary payment method on eBay and also processes payments made over a host of popular gig economy and media platforms, including Spotify, Uber and Facebook.

The company has secured a banking license, which will soon see it compete with major banks in the settlement arena.

It posted net revenues for FY2017 of EUR218 million, up 38% on 2016, and net income of EUR24.1 million off the back of handling exponential growth in payments volumes as more consumers shop online.

Today's IPO saw existing investors sell 13.4% of the outstanding shares, raising EUR849 million. Adyen will not receive any of the proceeds.

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