Pieter van der Does: ‘Adyen will remain a company that is driven by a long-term vision and strategy’ © Bloomberg
Dutch payments group Adyen seeks €7.1bn valuation in IPO
European start-up’s clients include Uber and Airbnb

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Dutch payments group Adyen is poised for a market value of between €6.5bn and €7.1bn when it floats on Amsterdam’s Euronext stock market this month in one of the largest European technology listings in recent years.

The company, one of Europe’s few start-ups with a valuation of more than €1bn, priced its initial public offering on Tuesday at €220-€240 a share.

The range is below the group’s expectations last month when it confirmed plans to list with an equity valuation of as much as €9bn. Adyen said on Tuesday that existing shareholders would sell up to 14.2 per cent of the company in an offering of €922m-€947m.

“This offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity,” said Pieter van der Does, co-founder. “Adyen will remain a company that is driven by a long-term vision and strategy”.

Adyen, which acts as a middleman between merchants and payment groups, has grown rapidly since it was founded 12 years ago, attracting clients with multinational customers such as Uber and Airbnb.

Because the group negotiates deals with a variety of payment companies, from Visa and Mastercard in the US and UK to Cartes Bancaires in France, Oxxo in Mexico and Alipay and UnionPay in China, it has attracted clients looking to avoid the hassle of striking individual deals with scores of different payment providers.

In a sign of the start-up’s growing muscle, it toppled a 15-year partnership between eBay and PayPal this year to win a contract with the ecommerce giant.
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Aliya Ram
Financial Times
05 June, 2018


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