Shares soar 100 percent on first day of trade

Shares of Dutch fintech firm Adyen surged over 66 percent at the market open on their first day of trade on Wednesday in Amsterdam, in what will be one of Europe’s biggest technology initial public offerings (IPO) in recent times.

On Tuesday, Adyen priced its shares at 240 euros ($281.6), which was at the upper end of the range the company had previously indicated in its prospectus. that will gave the company a market capitalization or valuation of 7.1 billion euros ($8.3 billion).

nevertheless shares opened at 400 euro, marking a 66 percent rise by the 240 euro pricing. Shares hit a high of 503.9 euros, giving the company a valuation of 14.8 billion euros or ($17.4 billion).

The Dutch firm will be not issuing brand new shares. Instead, its shareholders are selling their stock, which amounts to 13.4 percent of outstanding shares, to institutional investors.

Adyen will be a payments processing firm that will works with customers including Netflix, Facebook along with Spotify. the idea also sells points of sales systems for physical stores along with handles payments online along with in-store. Adyen processed payment volumes of 108 billion euros ($127 billion) in 2017, up by 66 billion euros the year before, representing 63 percent growth. along with that will has been growing strongly each year.

The 12-year-old company has been profitable for some time. the idea recorded a net income of 71.3 million euros in 2017, though that will was down by 97.2 million the year before. Revenues exceeded 1 billion euros for once in 2017.

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