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The IPO of Adyen, the Dutch payments processing company, is due to be priced at €240 a share, the top of the initial range, after the deal has attracted “unprecedented” levels of interest from investors.
JP Morgan and Morgan Stanley are global co-ordinators, ABN Amro, Citigroup and Bank of America Merrill Lynch bookrunners on the all-secondary IPO.
A message on Monday morning said that allocations will be skewed in favour of a small list of investors, and buyers not on that list should expect very small or zero allocations.
Several IPOs have struggled in bookbuild in 2018, so for banks to be telling investors not to expect much of what they have asked for at allocation, is a rarity this year.
A banker on Adyen said that it is a unique transaction for Europe, the exception rather than the new rule. High growth tech-listings tend to pick New York over European exchanges, and investors have eagerly jumped at the chance to buy Adyen.
Such strong demand for the IPO, and the fact that investors are not likely to receive much of what...