Nexi targets becoming next ‘Milan Giant’ with + €2 billion IPO

The governance of leading Italian payment processing and merchant systems provider Nexi SPA has confirmed that it will move to list the company on the Borsa Milano stock exchange on Tuesday 16 April.

Targeting a €2 billion ($2.3 billion) float, Nexi governance seeks to undertake what will likely be the European Fintech scene’s biggest IPO for 2019.  

Bloomberg Europe reports that Nexi will debut on the Milan Exchange offering a €9-per-share price, valuing its enterprise at €7 billion (including debt).

A successful Milan Exchange debut, would likely see Nexi enter the Borsa-100, becoming one of Italy’s best valued technology enterprises.

The scheduled IPO, will garner significant returns for Nexi majority investors Advent International, Bain Capital and Clessidra SRG.

In 2014 the private equity firms formed a special propose consortium, with the aim of purchasing Italian retail payment processor ‘CartaSI’ from troubled bank Banco Populare.  

From 2015-2016 the private equity consortium would move to bolster CartaSI transactional network, acquiring a number of smaller Italian payment processing firms and technologies.

Following a period of intense M&A activity, the consortium would relaunch CartaSI, as Nexi Spa, bringing to the Italian market a number of new omni-channel processing components.

In 2019, Nexi is widely considered Italy’s biggest volume payment processes, with Nexi claiming 60% of transactional market share.  Closing 2018, Nexi posted net income of 20 million euros last year with operating revenue of 931 million euros.