Amsterdam’s Adyen doubles in year’s biggest European tech IPO

Share price of payment solutions company Adyen doubled in its trading debut. — Picture courtesy of Twitter/NFIA North America
Share price of payment solutions company Adyen doubled in its trading debut. — Picture courtesy of Twitter/NFIA North America

AMSTERDAM, June 13 — Adyen NV, a Dutch payments processor whose clients include Netflix Inc. and Spotify Technology SA, doubled in its trading debut in Amsterdam.

The shares, which priced at €240 apiece in Europe’s biggest technology public offering of the year, surged to €480 in the first hours of trading today. Adyen’s market value of €14.1 billion (approx RM66.17 billion) already exceeds those of some established financial firms, such as Commerzbank AG.

For years, systems for processing payments in stores and online have been controlled by big banks, credit card issuers, and a few longstanding IT suppliers. Adyen is part of a new breed of fintech firms challenging this hegemony, and the European Union has embraced the new order as a way to create more choices for consumers.

“Adyen is proof that even in a traditional and highly regulated industry, building a powerful, global business is possible,” said Jan Hammer, a partner at Index Ventures who led the venture capital firm’s investment in the company, in a statement Wednesday. — Bloomberg

Related Articles

Up Next

Loading...