Payments fintech Adyen doubles in value to over €13bn after going public
Fintech payments giant Adyen has more than doubled its value during trading after its debut on the Amsterdam stock exchange today, as its share price rose to €503 (£442.89) in morning trading despite being priced at €240 at the top of a range set last week.
Adyen, which processes payments for Netflix, Facebook and Ebay, now has a market value of more than €13bn, closing the day at €462.95 and a rise of 93 per cent. Morgan Stanley and JP Morgan Securities acted as joint global coordinators and bookrunners for the offering.
The fintech firms listing on Amsterdams Euronext comes under a month after its competitor Izettle was bought out by Paypal, just before it was about to go public in Stockholm.
The listing was only open to institutional investors, which Adyen said had been oversubscribed to “multiple times” in the days preceding the sale.
As part of an overallotment option, existing investors, such as Index Ventures and General Atlantic, sold 13.4 per cent of shares. The news represents Index Ventures fourth IPO, after Dropbox, Zuora and Izettle.
Analysts have suggested that yesterdays strong showing on the market for Adyen could spill into other European deals. Additionally, some believe that the issue was underpriced in light of Adyens success, despite its issue price coming in at more than 70 times Adyens 2017 earnings.
Speaking before the listing, Adyens co-founder, president and chief executive Pieter van der Does said:
“Im very proud to be building this company with such a great team. This listing will only help us to continue to do what we are doing now: helping our merchants grow and reshaping the payments industry.”
Van der Does said in a message to employees on Tuesday that while the company could have sought a partial or strategic sale of the company to an existing shareholder or outside body, Adyen decided to “build the company for the long term”. Its IPO, he says, “will allow [them] to do just that, as an independent company”.
Index Ventures Jan Hammer called the listing “a big day for the company, and for fintech startups” globally.