Network International float off to a flyer after shares surge 25%

Payments firm Network International gave London’s moribund IPO market a shot in the arm on Wednesday after shares popped on their £2 billion stock debut.

The middle east-focused company, chaired by former Worldpay chief Ron Kalifa and advised by eight banks, saw its shares rise 25% to 544p after listing at 435p.

That increased Network International’s valuation from £2.2 billion to £2.7 billion.

Co-owner Emirates NBD banked £555 million from the listing, halving its stake to 26%.

US pay giant Mastercard backed the float by taking a major stake of 9.99%.

T-Rowe Price and Fidelity also own 3.6% and The Capital Group has 3.2% after the share sale.

London’s new issues market has been hit by Brexit uncertainty.