Finablr plans to sell $200m worth of stock in London IPO

Finablr is considering raising $200m through the sale of new shares via an initial public offering on the London Stock Exchange.

The company, a leading global platform for payment and remittance solutions whose brands include UAE Exchange, Travelex Holdings and Xpress Money, made the announcement on Tuesday and said "certain existing" shareholders might also sell.

Funds from the IPO would be used to finance its expansion plans and reduce its debt pile.

Just the day before, a sourced report from Reuters said the company might be looking to raise $500m and according to The Times the insiders might be looking to let go of about $300m-worth of shares.

Finablr said its intention was to achieve a free float of at least 25% and that it expected to be eligible for inclusion in the FTSE UK indices.

“It is expected that up to a further 15% of the IPO will be made available pursuant to the over-allotment option,” the company added in a statement.

Dr B. R. Shetty, founder, co-chairman and non-executive director of Finablr, said: “Our goal is quite simply to enable consumers to realise their ambitions and business to fulfil its potential. As a group, we have always been highly entrepreneurial and our success comes from a concerted focus on putting the customer at the centre, serving them in the way they want to be served.

“We have tremendous opportunities ahead of us and we are well placed to capture these, through the significant investments we have made in building capabilities and the strong management team we have put in place. I am very excited about what we have built and this is the right time to consider the future growth of Finablr and whether the business would benefit from becoming a listed company.”

Barclays Bank, Goldman Sachs and JP Morgan Securities are global coordinators and joint bookrunners for the IPO while EFG-Hermes, Merrill Lynch and Numis Securities will be joint bookrunners.