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Halal Business

Finablr to spend $200 million of IPO money on expansion

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The holding company whose brands include the UAE Exchange, Travelex as well as Xpress Money, Unimoni, Remit2India and Ditto raised $400 million in an initial public offering (IPO) on London Stock Exchange (LSE).

Monday 27, May 2019 BY KUDAKWASHE MUZORIWA

The Chief Executive of Abu Dhabi-based Finablr said that the payments and foreign exchange company plans to use half of the proceeds from its share sale in London earlier this month to expand both organically and via acquisitions.

Promoth Manghat, the Chief Executive of Finablr said that the proceeds from the share sale will strengthen the company’s balance sheet, giving it more fire power to execute its expansion strategy.

Finablr’s expansion plans also include acquisitions focused on intellectual property and technology as well as across payments and foreign exchange.

The investment, over the next two to three years will be made in its existing businesses across the Middle East, Asia and Africa as well as in the payments business in Europe and the US, said Manghat.

Finablr’s IPO price was 175 pence per share, significantly below an initially anticipated 210-260 pence range, giving the company an implied market value of about GBP 1.23 billion ($1.59 billion), reported Reuters.

TAGS : Finablr, London IPO, LSE, the UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India

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