Finablr Lists On London Stock Exchange

Finablr has officially launched on the London Stock Exchange.

“We are delighted that Finablr has joined the London Stock Exchange’s Premium Market, providing a new platform from which to grow over the coming years. As a group, we have built on the strength of our technology platform to provide best-in-class payments experiences to consumers and businesses, and we are very well-positioned to capture the future opportunities ahead of us. I would like to thank our customers and partners for the trust and confidence that they have placed with us as well as our teams for their dedication and entrepreneurial mindset which has allowed us to reach this milestone,” said Promoth Manghat, group chief executive officer of Finablr.

The global payments and foreign exchange company opened on London’s markets under the ticker “FIN LN.” On admission, the company hit a market capitalization of $1.60 billion (£1.23 billion), having raised $200 million (£153 million) in funding.

“Today marks a momentous milestone for Finablr and the beginning of an exciting new era to support the company’s growth and development. We are very confident about the long term prospects of the business and remain committed to generating the greatest value for our all our shareholders. I would like to take this opportunity to thank our global teams for their passion and commitment,” said Dr. B. R. Shetty, founder and co-chairman of Finablr.

But shares fell almost 8 percent below its listing price on its first day of trading. In addition, the IPO price was significantly below the anticipated 210-260 pence range, according to Nasdaq.com. The top five investors, which include BlackRock, Columbia Threadneedle, Norges Bank and two UAE investors, acquired about 50 percent of the shares on offer.

Barclays, Goldman Sachs and J.P. Morgan Cazenove acted as joint global coordinators and joint bookrunners, with EFG-Hermes, BofA Merrill Lynch and Numis acting as joint bookrunners to the listing. Evercore acted as financial adviser to Finablr.


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