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Payments company Adyen evokes tech bubble as share price doubles on market debut

Reuters  |  AMSTERDAM 

By Toby SterlingAMSTERDAM (Reuters) - Shares in Adyen, which handles the payments backend for Netflix, Facebook and eBay, doubled on Wednesday in a market debut reminiscent of the 1999 tech bubble.After a highly sought initial public offering, shares in the Dutch company had been priced on Tuesday at 240 euros, the top of their indicated range, suggesting a market capitalization of 7.1 billion euros ($8.5 billion). After the first hour of trade on the Euronext exchange on Wednesday the share price had hit 480.00 euros.As several European IPOs were pulled in May, bankers will be hoping the ...

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First Published: Wed, June 13 2018. 17:53 IST