Finablr Struggles To Find Investor Interest For IPO

Finablr is having a hard time finding investors for its upcoming London initial public offering (IPO).

The financial services firm, owned by Abu Dhabi billionaire Bavaguthu Raghuram Shetty, could decide to restructure or delay the IPO. However, anonymous sources told Bloomberg that the sale is due to end on May 13, and there is still the chance that the company could attract enough investors to continue on with the sale.

A representative for Finablr declined to comment. Goldman Sachs, HSBC and JPMorgan are reportedly all involved in the IPO.

The company announced its IPO last month, aiming to raise at least $200 million to reduce its debt (which was at $564.2 million at the end of last year), as well as to expand. Finablr previously said it wanted to have 25 percent or more free float, and that it expects the stock to be included in the FTSE U.K. Index Series.

“The globalization of commerce — fueled by mobility, the increasing demand for seamless payments and the creation of connected communities — are all structural drivers for growth,” said CEO Promoth Manghat. “Our integrated global platform sits at the center of these intersecting trends.”

Launched in April 2018, Finablr started as an umbrella for cross-border companies like Travelex, Xpress Money and the UAE Exchange. Now, it supports cross-border payments and other payment services in 44 countries, and has agency relationships in at least 170 countries, giving it access to about 60 percent of the migrant population around the world. Last year, the company processed $114.5 billion in payments.

Finablr has been eyeing an IPO for some time — Shetty said during a Dubai conference in February that the IPO would happen in March, adding that “we don’t know the size of the IPO. We expect a very good response because we have a very good track record.”


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