Media ININ Economy We Trust
Media IN London, 16th May, 2019 WAM
Today London Stock Exchange,( LSE) welcomed the UAE-based Finablr Company for brands which includes Travelex, UAE Exchange and Xpress Money, to start trading on the London Stock Exchange market, after completing an initial public offering that values the firm at $1.6 billion.
The holding company, which was established last April by UAE Exchange founder, Indian-born businessman BR Shetty, started trading at 8am UK time on Wednesday May 15 under the ticker ‘Fin’.
“We are delighted that 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,” said Finablr’s group chief executive officer.
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.
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.
The group claims to have built on the strength of their technology platform to provide best in class payments experiences to consumers and businesses.
