UAE's Finablr commences trading on London bourse

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Trading in Finablr shares commenced on the London Stock Exchange on Wednesday under the ticker ‘FIN’, following the pricing of its initial public offering at 175 pence per share.

Based on the offer price, the UAE-based payments and foreign exchange solutions platform’s market capitalisation is at $1.597 million.

Dr B. R. Shetty, founder, co-chairman and non-executive director, said the listing on LSE marked a momentous milestone for Finablr and the beginning of “an exciting new era” to support the company’s growth and development.

“We are very confident about the long-term prospects of the business and remain committed to generating the greatest value for all our shareholders. I would like to take this opportunity to thank our global teams for their passion and commitment,” said Dr Shetty.

Promoth Manghat, group chief executive officer, said Finablr has joined the London Stock Exchange’s Main Market with a premium listing, providing a new platform from which to grow over the coming years.

“As a group, we have built on the strength of our technology platform to provide best in class payments experiences to consumers and businesses and we are very well positioned to capture the future opportunities ahead of us,” said Manghat.

The IPO comprises 87.7 million new shares issued by the company to raise gross proceeds of $200 million and 87.3 million shares being sold by the selling shareholders, equating to a total offer size of $400 million and representing 25 per cent of Finablr’s issued share capital on Admission.

In addition, a further 17.5 million Shares in the Company are being made available by the selling shareholders pursuant to the over-allotment option, which, if exercised in full, would increase the number of shares in public hands to 192.5 million shares in total and 27.5 per cent of Finablr’s issued share capital. Immediately following Admission, the Company’s issued share capital will be 700 million shares, the company said in a statement.

The Finablr group, which has a global reach spanning more than 170 countries, managed $114.5 billion in annual volumes for its clients in 2018. The group, comprising UAE Exchange, Travelex Holdings and Xpress Money, has been seeking to raise $200 from the IPO.

Dr Shetty, Finablr’s biggest shareholder and recognised by investors for stellar track record of value creation, bought UK-based Travelex in January 2015 $1.1 billion.