Travelex owner Finablr launches London IPO at reduced price in tough market conditions
United Arab Emirates-based payments company Finablr floated in London today at a reduced price to reflect difficult market conditions.
The Travelex-owner said it would raise £306m to give the business a market capitalisation of approximately £1.225bn.
Read more: Travelex-owner Finablr to raise $200m in London listing
The offer price has been set at 175p, well below an anticipated price range of 210-260p.
The company said the offer price reflected “the more difficult market conditions during recent days”.
It is selling 87.7m new shares to raise gross proceeds of £153m, with 87.3m shares being sold by selling shareholders.
A further 17.5m shares in the company are being made available by the selling shareholders as part of an over-allotment option, which if exercised in full would increase the number of shares in public hands to 192.5m shares and 27.5 per cent of Finablr’s issued share capital.
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Founder and co-chairman Bavaguthu Shetty said: “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 all our shareholders.”
Conditional dealing in the company's shares started this morning with unconditional dealing expected to start on 20 May.
The joint global co-ordinators are Barclays and Goldman Sachs, JP Morgan Cazenove is sole sponsor, Evercore is financial adviser to the company and BofA Merrill Lynch, EFG-Hermes and Numis are joint bookrunners.