Some markets are hot and some are molten. The excitement about the world of digital payment processing that helped to bring Network International to the stock market this year seems to have given London’s institutional fund managers a heat rash.
Network International was founded in 1994 as a subsidiary of Emirates Bank, owned by the government of Dubai. The first company to be certified to process payments for Mastercard and Visa in the Middle East, it provides services to both traders and card issuers in the region and is a dominant force in the same market in Africa. More than 65,000 merchants and 220 financial institutions are signed up.
It was listed on the stock market in April at 435p a share in a flotation