Yahoo Finance Dutch payments company Adyen valued at €12bn after bumper float
A Dutch payments company that works with the likes of Netflix and Uber has secured a bumper €12bn (£10.57bn) valuation on its first day of trading.
Adyen, which provides backend payment services for online transactions, began trading on Amsterdam's Euronext exchange on Wednesday.
It saw its share price more than double in its early hours of trading, jumping from its €240 listing price on Tuesday, opening at €400 per share on Wednesday before surging to €480. The shares closed around €455.
Adyen has seen payment volumes grow significantly, creating a European rival to US giant PayPal with around around €108bn in transactions in the year ending 2017 - although PayPal currently processes around the same volume every three months.
The soaring price comes at a renewed period of interest in technology listings, with Swedish streaming giant Spotify hosting a $30bn float in New York earlier this year.
For the year ending December 2017, Adyen produced €1.1m in revenues. The company has also turned a healthy profit, unlike many tech rivals, with €71.3m in net income in 2017.
Adyen also secured eBay as a new client, capturing the online auction site from an exclusive deal with payment provider PayPal. Adyen will provide a new option for payments when PayPal's deal with eBay ends in 2020.
Adyen president Pieter van der Does said: "This listing will only help us to continue to do what we are doing now: helping our merchants grow and reshaping the payments industry."
Last month PayPal signed a deal to buy European payments company iZettle, which markets small, portable contactless payment machines. PayPal secured the deal for iZettle for $2.2bn.
Jan Hammer, partner at Index Ventures, an early investor in Adyen, said the company was "one of Europe’s biggest success stories".
