London Stock Exchange/Bloomberg
The holding company, whose businesses include Travelex Holdings, Unimoni and the UAE Exchange Centre, revised the offer price to 175 pence per share from an original range of 210 pence to 260 pence.
Wednesday 15, May 2019
(Bloomberg) -- Abu Dhabi-based Finablr has slashed the price for its initial public offering (IPO) after struggling to find investors for its London Stock Exchange (LSE) sale.
The new price implies a market value of GBP 1.23 billion ($1.6 billion) versus an initial indicated value of as much as GBP 1.8 billion.
It’s been a tough week for IPOs as plunging markets made potential buyers nervous. Uber Technologies priced its share sale toward the bottom of its marketed range and the stock has plummeted almost 18 per cent since trading began last week.
Finablr’s share sale opened on 1 May and came in the wake of Dubai-based Network International Holdings’ successful LSE listing, the largest IPO on the exchange so far this year.