Investor darling Adyen left unloved after lockup lifted for €1.65bn sale

The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.

  • By Aidan Gregory
  • 13 Sep 2018
The deal, in response to reverse inquiry, in the stock of one of the highest-profile European listings this year, should have been the liquidity event that the market had been waiting for after a rough patch for block trades in the region. However, it left investors to suffer ...

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5 UBS 3,602.23 16 7.03%