|13 May, 2019

UAE's Finablr IPO priced at 175 pence per share- bookrunner

The listing of the shares is expected on Wednesday

Image used for illustrative purpose. Qatar and UAE exchange office in Doha, Qatar, June 13, 2017.

Image used for illustrative purpose. Qatar and UAE exchange office in Doha, Qatar, June 13, 2017.

REUTERS/Naseem Zeitoon

ABU DHABI/LONDON: Finablr's London market debut had a revised price tag of 175 pence per share, the bookrunner said, giving the United Arab Emirates-based payments and foreign exchange company an implied market value of about 1.23 billion pounds ($1.59 billion).

The full deal size of 192.5 million for the initial public offering (IPO) includes a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares, the bookrunner said on Tuesday.

Finablr has extended the closing of books for its initial public offering to May 14 due to volatile market conditions, two sources familiar with the deal told Reuters on Monday. 

The company, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, has been seeking to raise $200 million from the sale of new stock ahead of a flotation on the London Stock Exchange (LSE). 

($1 = 0.7724 pounds)

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr) ((noor.hussain@thomsonreuters.com; Within UK +44 20 7542 1810; Outside UK +91 80 6749 2764; Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net))

More From Markets