Payment processing company Nets (CSE: NETS) has been valued at DKK30 billion (about $4.5 billion) in its public offering. The company, which offers the most popular debit card in Denmark, priced 105 million shares at DKK150 apiece, the midpoint of its expected range. The stock initially jumped nearly 5% last Friday only to close its first day of trading down 3.3%, at DKK145 per share.
Advent International and Bain Capital have backed Nets since acquiring the business in a DKK17 billion buyout in 2014. Less than a year ago, Advent and Bain collaborated on the IPO of another European payments processor, the UK-based Worldpay (LON: WPG), the standard by which recent PE-backed offerings for software companies are measured. Worldpay’s £2.5 billion IPO marked the largest such exit since 2012, according to the PitchBook Platform, bettering the $2.6 billion raised by KKR-backed First Data, yet another payments processor, during its IPO last October.