Dubai payment firm Network International to list in London

The Dubai-based payment processing firm Network International, which completes credit card transactions across the Middle East and North Africa, is preparing for an initial public offering.

The company made the announcement on Thursday, saying it planned to list on the London Stock Exchange. It plans to free float at least 25 percent of the company's share capital.

The stock prospectus for the company, founded in 1994 as a subsidiary of Dubai's Emirates NBD Bank, had revenues of $298 million in 2018. It said it processed some $40 billion in transactions last year.

The company is owned by Emirates NBD and Warburg Pincus and General Atlantic, a U.S. private equity firm.