By: Radhakrishna NS
Indian business tycoon BR Shetty ‘s Finablr today (16) confirmed its plans to float its shares on London Stock Exchange (LSE).
The United Arab Emirates (UAE)-based company revealed last week that it was considering a stock market debut in the British capital.
The payments and foreign exchange company added that the final offer price would be fixed after a book binding process, with the listing expected next month.
Shetty’s payments firm previously said it aimed to raise more than £153 million from a stock market float in London.
The firm also plans to sell at least 25 per cent of its equity.
The company intends to raise a total of about $500m (£382.22m) from the offering, Reuters quoted sources as saying.
Shetty founded Finablr in 2018 to combine his currency and money transfer businesses such as UAE Exchange Centre, Xpress Money, and Travelex under one brand.
Shetty, who owns 91 per cent stake in Finablr and serves as co-chairman of the business.