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London Stock Exchange Welcomes Finablr PLC to the Main Market
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Date: 17-05-2019 11:05AM
Source: Finablr PLC
Category: Business/ Finance, Technology, General, Information Technology, Business Services, Technology, It & Tech
Location: London, United Kingdom

Business Wire India

London Stock Exchange 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 LSE.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190516005902/en/

Dr. B R Shetty, Binay Shetty & Promoth Manghat and team in the London Stock Exchange (Photo: AETOSWi ...

Dr. B R Shetty, Binay Shetty & Promoth Manghat and team in the London Stock Exchange (Photo: AETOSWire)

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, like 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, Finablr managed over 150,000,000 transactions, shifting the equivalent of $114.5 billion in volumes for its customers. It has a broad global reach spanning over 170 countries and has relationships with more than 100 regulators. The company’s truly global reach, its technology’s sophistication and its platform’s economies of scale 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. 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.

Finablr, as a group, has a global presence in over 170 countries and managed $114.5 billion in annual volumes in 2018. The group 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. Shetty concluded, 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.

*Source: AETOSWire


MULTIMEDIA AVAILABLE :
https://www.businesswire.com/news/home/20190516005902/en/


CONTACTS :

Faiz Habib, +97123073333
Press.office@finablr.com

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