Indian businessman plans London IPO for Finablr

UAE-based Finablr, founded by Indian origin businessman BR Shetty, plans an IPO on the London Stock Exchange to raise $200 million.

Finablr is the holding company for UAE Exchange and Travelex, a foreign exchange company.

The initial public offering (IPO) could value the company at $3.5 billion and raise about $1 billion, according to a Bloomberg report.

Shetty and his family own 91 percent of Finablr and two Abu-Dhabi based investors hold the remaining 9 percent, according to a report by The Financial Times.

The proceeds from the listing will be used to fund expansion plans and reduce net debt.

Finablr intends to have a free float of 25 percent of the issued share capital and expects to be eligible for inclusion in FTSE UK indices.

The company has appointed EFG-Hermes, Merrill Lynch and Numis as book runners for the potential IPO.

Shetty established Finablr in 2018 to bring Travelex and UAE Exchange under a single parent company.

After the IPO, Finablr will be the second public listed company founded by Shetty.

Shetty's NMC Health was listed on the LSE in 2012 and is now a constituent of the FTSE 100.