Bloomberg/Simon Dawson

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Finablr struggles to attract enough buyers for London IPO

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The holding company for businesses Travelex Holdings, the UAE Exchange Centre as well as Unimoni may restructure or delay the initial public offering (IPO).

Monday 13, May 2019

(Bloomberg) -- Abu Dhabi-based Finablr is struggling to find investors for its London Stock Exchange (LSE) IPO as the sale draws to a close.

The sale is scheduled to end on 13 May and there has not yet been a message to the markets saying there is demand for all the shares.

No final decisions have been made and the company could still attract enough investors and proceed with the sale as scheduled.

Issuers globally have struggled as stock markets weakened this week, leading potential buyers to shy away from IPOs. Uber Technologies priced its share sale toward the bottom of its marketed range despite having excess demand, giving the ride hailing firm a value below its last private funding round.

Finablr’s sale opened for investors on 1 May and had sought to value the company at as much as $2.4 billion and raise as much as $677 million.

The firm came in the wake of a successful London IPO for Dubai-based Network International Holdings, the largest in London in 2019. Other emerging market companies are planning UK listings for later in the year, as well.

 

TAGS : LSE, IPO, Finablr, Uber Technologies , Network International Holdings

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