Finablr struggles to ride payments IPO wave dasha_reuters
The United Arab Emirates-based payments and foreign exchange company set a price range of 2.10 to 2.60 pounds per share for its initial public offering, implying a market capitalisation of 1.5 billion pounds to 1.8 billion pounds .
Finablr will raise $200 million to finance future growth and strengthen the company’s balance sheet, while existing shareholders will sell shares worth between 423 million pounds and 523 million pounds . Final pricing is expected to be announced on or around May 14. The group is split into three units. The consumer foreign exchange operation, which includes Travelex, brought in more than half of revenue and $94.5 million of segment adjusted profit in 2018. Cross-border payments accounted for $103 million in segment adjusted profit, while the business-to-business payments operation brought in $108.5 million.
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