Finablr completes $1.6bn London IPO and starts trading on Wednesday at reduced price

May 15, 2019
Shares sold at revised offer price of 175 pence each, amid market volatility

Finablr, the UAE-based holding company for brands including currency houses Travelex, UAE Exchange and Xpress Money, sold shares in an initial public offering at a reduced price on the London Stock Exchange on Tuesday, valuing the firm at $1.6 billion.

The holding company, which was established last April by UAE Exchange founder, Indian-born businessman BR Shetty, will start trading on Wednesday, according to a spokesman for Finablr.

Shares were sold at a revised offer price of 175 pence per share, below the 210 to 260 pence range previously indicated, amid recent market volatility. Global stock markets tumbled on Monday, as the trade dispute between the US and China intensified, and regional stock markets also took a hit.

Finalbr expected to close its books for the IPO that day, but the plans were delayed while markets remained volatile.

Finablr had been seeking to raise $200 million from the sale of new stock ahead of the London listing. Brands under the holding company together handled more than 150 million transactions or $114.5bn in volumes as of December 2018, it has said previously. The group served more than 23 million retail customers and 500 corporate clients across 170 countries.

Mr Shetty is also the founder of NMC Health, which raised around £117 million (Dh562m) in an IPO in 2012 on the LSE, where it now trades and is part of the benchmark FTSE 100 Index.

JPMorgan, Barclays and Goldman Sachs acted as global coordinators for Finablr’s IPO. Bookrunners included Bank of America Merrill Lynch, EFG Hermes and Numis. Evercore acted as financial adviser.