Network International’s Initial Public Offering

Clifford Chance advised a syndicate of banks on Network International’s initial public offering and admission to the premium segment of the Official List and to trading on the London Stock Exchange’s main market for listed securities.

Citigroup, J.P. Morgan Cazenove, Morgan Stanley, ENBD Capital, Barclays, Goldman Sachs and Liberum acted as underwriters on the deal.

The IPO consisted of a secondary sale of shares by selling shareholders, Emirates NBD Bank PJSC and the WP/GA Dubai IV fund, a joint venture between Warburg Pincus and General Atlantic, who raised around £1.2 billion (following the exercise of the over-allotment option), valuing Network International at around £2.2 billion.

Network International’s IPO is the largest ever Middle East and Africa (MEA) technology IPO listed on any exchange globally, and the largest technology IPO listed on the London Stock Exchange since 2015. It is also the largest MEA IPO listed on the London Stock Exchange, across all sectors, and the largest MEA IPO listed on any exchange globally since 2014.

The Clifford Chance team was led by partners Iain Hunter (Picture), Alex Bafi (US securities) and Mike Taylor (UAE law), supported by James Koessler in London, Olivier Plessis and Ryan Bosch in Paris, Zahra Shahab in Dubai and colleagues across the firm.

Involved fees earner: Alex Bafi – Clifford Chance; Ryan Bosch – Clifford Chance; Iain Hunter – Clifford Chance; James Koessler – Clifford Chance; Olivier Plessis – Clifford Chance; Zahra Shahab – Clifford Chance; Mike Taylor – Clifford Chance;

Law Firms: Clifford Chance;

Clients: Barclays Bank; Citigroup Inc.; Emirates NBD Capital Limited; Goldman Sachs; J.P. Morgan Cazenove; Liberum Capital; Morgan Stanley;