London Stock Exchange welcomes Finablr PLC to the main market
Source: AETOSWire for Finablr , Author: Posted by BI-ME staff
Posted: Sat May 18, 2019 2:24 pm

UAE. -- (AETOSWire) -- London  Stock  Exchange  today  welcomes  Finablr  PLC  (“Finablr”),  a  global  payments  and foreign exchange company, to open London’s markets for trading and to celebrate the listing of  the  Company’s  shares  on  the  Premium  Segment  of  the  Main  Market  of  London  Stock Exchange.

Finablr is a global platform for Payments and Foreign Exchange solutions underpinned by modern proprietary  technology.  With deep regulatory  know-how,  a  relentless focus  on innovation and leading industry partnerships, Finablr group companies provide a broad array of tailored and trusted financial solutions for consumers and businesses.

The Company  is  primed  for  growth  as  it  benefits  from  structural  drivers,  such  as  the globalisation of commerce driven by migration and mobility, cross-border trade, growth of e- commerce and the creation of connected communities. 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.

Finablr  is  present  across  the  entire  payments  and  foreign  exchange  value  chain,  from origination to processing to last-mile distribution. An integrated platform is at the heart of the Company’s proposition,  supporting  its  omni-channel  strategy  with  best-in-class  operating capabilities and connectivity to global payment networks. This allows the Company to develop a deep understanding of its customers’ requirements and deliver a range of solutions tailored to their lifestyle and business needs.

In 2018, the Company 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. 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.

Dr. B R Shetty,  Founder  and  Chairman  of  Finablr  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 and acknowledged by investors for star-studded track record of all round value creation, had bought UK-based Travelex in 2015 $1.1 billion.

The Finablr, as a group, has a global presence in over 170 countries, managed $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.

Promoth Manghat, Group Chief Executive Officer of Finablr said: “We are delighted that Finablr has joined the London Stock Exchange’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.”

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.

The group claims to have built on the strength of their technology platform to provide best in class payments experiences to consumers and businesses. The group further claims that they are very well positioned to capture the future opportunities.

Dr.  B  R  Shetty  concluded  with  his  words,  “We  have  grown  with  a  principle  theme  of Customer Service as our Currency and our endeavor would always be to serve the last person in the queue with equal zeal and care.”

Barclays, Goldman Sachs and J.P. 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.

Photo Caption: Dr. B R Shetty,  Founder  and  Chairman  of  Finablr  (Photo: AETOSWire)

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: June 26, 2019
UAE. Positive price movement demonstrates success of UAE's diversification drive; Dubai (21), Abu Dhabi (33) and Riyadh (35) rank among the most expensive cities for expatriates in the Middle East.
date:Posted: June 25, 2019
UAE. There were a number of iconic deals completed in Q1 FY19 which include: Network International IPO, acquisition of Careem by Uber, Saudi Aramco bond listing and investment into ADNOC pipeline and refinery assets by international investors.
date:Posted: June 24, 2019
UAE. The latest edition of PwC's Middle East Economy Watch looks at the recent oil price rebound and its mixed impact on regional economies.