LONDON, London Stock Exchange, LSE, today welcomed the UAE-based Finablr, a global payments and foreign exchange company, to open its London’s markets for trading and to celebrate the listing of the company’s shares on the Premium Segment of the Main Market of London Stock Exchange.
Finablr is a global platform for payments and foreign exchange solutions underpinned by modern proprietary technology. It has a global presence in over 170 countries, and has managed US$114.5 billion in annual volumes for its clients in 2018. The group, comprises of UAE Exchange, Travelex Holdings and Xpress Money, among others, has been seeking to raise $200 from the IPO.
It also managed over 150 million transactions, shifting the equivalent of $115 billion in volumes for its customers in 2018.
Dr. B R Shetty, Founder and Chairman of Finablr said, Today marks a momentous milestone for Finablr and the beginning of an exciting new era to support the ever-evolving needs of a global customer and I would like to take this opportunity to thank our global patrons for their trust and faith in our commitment.
Finablr has a broad global reach spanning over 170 countries and has relationships with more than 100 regulators. The truly global reach of the company, sophistication of its technology and the economies of scale of its platform have made Finablr a partner of choice for leading global banks, financial institutions, retailers, mobile wallet providers and payment and technology companies.
Amidst unstable global macro and micro market situations bringing uncertainty in the broader socio-economic conditions, a rational price revision to 175 pence per share, down from an initially anticipated range above 200 pence, gave Finablr an implied market value of about $1.59 billion.
The deal size shall include a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares.
Source: Emirates News Agency