Nexi, an Italian digital payments firm, is planning for an initial public offering on the Milan stock exchange, targeting an overall valuation of about 8 billion euros ($9 billion).
Nexi’s private equity owners, Bain Capital, Advent and Clessidra, are planning to secure between $681.2 to $794.8 million in fresh cash for the company, as well as listing part of their existing stake.
BofA Merrill Lynch, Banca IMI, Credit Suisse, Goldman Sachs and Mediobanca are joint global coordinators and joint bookrunners for the deal.
Nexi noted that the company intends to use the proceeds from the listing to reduce its debt, with the aim of bringing net financial credit to 3 to 3.5 times normalized core earnings at the end of 2019.