Dutch payments fintech Adyen, one of the few European tech startups to obtain so-called unicorn status, has now been valued at between €6.5bn and €7.1bn (£5.7bn and £6.2bn) ahead of its listing on the Euronext stock market.
Existing shareholders in Adyen are selling their stakes, which equate to 14.2 per cent ownership in the company, to institutional investors in various jurisdictions at a rate of €220 to €240 per share. If fulfilled, the sale could raise the firm a total of between €922m and €947m pre-flotation.
Set to trade under the ticker ADYEN, the listing will go live on Euronext Amsterdam on 13 June. Todays news is a slight adjustment from previous expectations for Adyens valuation once public, which when the company first announced its intention to list, was rumoured to be as much as €9bn.
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“We feel that we are still in the early stages of a remarkable journey. Our focus remains on building new functionality and on helping our merchants grow,” said Adyens CEO and co-founder Pieter van der Does in a statement.
“This offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity. Adyen will remain a company that is driven by a long-term vision and strategy”.
To date Adyen has raised $266m (£198.9m) in funding, with investors including Index Ventures as its largest shareholder at 16.86 per cent, Felicis, Temasek and Iconiq Capital, a Silicon Valley fund which invests for the founders of Facebook, LinkedIn and Twitter.
The fintech firm, which counts Uber, Airbnb and Ebay among its payments services clients, forecasts medium term net revenue growth of 25 to 30 per cent per year, and of at least 40 per cent in 2018. Adyen generated a net revenue of €218m in 2017, representing 38 per cent growth year-on-year.