Payments pleasure as Adyen IPO hits €13bn
Dutch payments firm Adyen’s IPO has exceeded expectations and reached a market capitalisation of €13 billion – with it at one point almost hitting €15 billion.
As reported last month, Adyen confirmed it was planning an IPO with the listing of its shares on Euronext Amsterdam.
At that time, the company said the intended offering will consist of a private placement of existing shares held by the selling shareholders to institutional investors in various jurisdictions, including the Netherlands. This would have given it a valuation of up to €9 billion.
In today’s (13 June) trading, its share price hit a healthy high of €503 in the morning. By lunchtime it had eased off (don’t we all) and dropped down to €435. This is still an impressive increase of 83% and gives it a current market value of around €13 billion.
As part of its explanations to do an IPO, the firm cites its healthy financial status.
For the year ended 31 December 2017, Adyen says it generated net revenue of €218 million, representing 38% growth compared to 2016, and adjusted EBITDA of €99 million, representing an adjusted EBITDA margin of 45.5%.
There was more good news, when it said processed volumes increased to €108 billion in 2017 compared to €66 billion in 2016, representing year-on-year growth of 63%.
In February, eBay gave PayPal the boot and turned to Adyen as its primary processing partner.
Adyen’s customer base includes Uber, Netflix, Facebook, Spotify, Etsy and Vodafone.
Some of its famous backers include cyborg impersonator Mark Zuckerberg and Twitter’s Jack Dorsey (and Square of course).
As of 31 December 2017, the company had 668 employees globally, with its headquarters in Amsterdam, and 14 other offices in the US (San Francisco, New York), Latin America (Mexico City, Sao Paulo), Asia-Pacific (Singapore, Sydney, Shanghai) and Europe (Paris, London, Manchester, Berlin, Stockholm, Brussels and Madrid).