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.
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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
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