London Stock Exchange today (May 18) welcomed Finablr, a global payments and foreign exchange company, to open London’s markets for trading and celebrate the listing of the company’s shares on the premium segment of the Main Market of LSE.
Through category-renowned brands, including UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, Finablr sits at the centre of these intersecting trends, with an ability to serve both the end consumer and global corporates.
With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr group companies provide a broad array of tailored financial solutions for consumers and businesses, said a statement from the company.
Finablr is present across the entire payments and foreign exchange value chain, from origination to processing to last-mile distribution.
In 2018, Finablr managed over 150 million transactions, shifting the equivalent of $115 billion in volumes for its customers. Finablr has a broad global reach spanning over 170 countries and has relationships with more than 100 regulators, it stated.
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, it added.
On the feat, Founder and Chairman Dr BR Shetty 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."
Dr Shetty, Finablr's largest shareholder, had bought UK-based Travelex for $1.1 billion in 2015.
The Finablr, which as a group has a global presence in over 170 countries, managed $114.5 billion in annual volumes for its clients last year, said the company in a statement.
The group, comprises of UAE Exchange, Travelex Holdings and Xpress Money, among others, has been seeking to raise $200 from the IPO, it added.
Group CEO Promoth Manghat, said: "We are delighted that Finablr has joined the LSE’s Premium Market, providing a new platform to grow over the coming years."
"We are very confident about the long-term prospects of the payments and foreign exchange solutions and the overarching presence of technology in such transactions and remain committed to generating the greatest value for our all our shareholders," he noted.
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, said the bookrunner.
Books were covered at full value of the deal worth 192.5 million shares, thereby making the share offering to raise about £337 million.
The deal size shall include a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares.
Barclays, Goldman Sachs and JP Morgan Cazenove acted as joint global co-ordinators and joint bookrunners, with EFG-Hermes, BofA Merrill Lynch and Numis also acting as joint bookrunners to the listing. Evercore acted as financial adviser to Finablr.-TradeArabia News Service