Network international, one of the biggest payments processing companies in the Middle East and Africa, has set the price range for its IPO on the London Stock Exchange, valuing the company as much as USD3bn (AED11.02bn). The IPO offering range is set at 395 pence to 465 pence per share, implying a market value on admission to the exchange of between GBP1.98bn and GBP2.33bn, Network International said in a statement on Monday. The expected institutional offer size comprises at least 125 million shares, equating to a free float of at least 25% of the company’s shares at the time of admission. The sale will comprise the secondary offering of shares by Emirates NBD, which holds 51% in the company, and by Warburg Pincus and General Atlantic, which jointly own a 49% stake in Network International. Under the deal, shareholders granted Citigroup, one of the companies overseeing the listing, an option to purchase up to a maximum of 15% of the total number of institutional offer shares. The offer also comprises shares to be acquired by credit card issuer Mastercard, which agreed last month to invest USD300mn through its wholly owned subsidiary Mastercard Asia-Pacific as part of the listing. The cornerstone investment by the global payments company will be based on the same terms as other institutional investors participating in the IPO, subject to a 9.99% ownership limitation, 24 months lock-up period and 36 months standstill period, during which they cannot acquire additional shares without Network International's consent.