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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
