(Reuters) – United Arab Emirates-based payments and foreign exchange company Finablr plans to proceed with an initial public offer on the London Stock Exchange, a week after the company revealed that it was considering one.
Finablr, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, said on Tuesday the final offer price will be determined following a book-building process, with the listing currently expected in May.
Finablr confirmed it is planning to raise $200 million from the sale of new stock, with some existing shares also being offered for sale. It plans to sell at least 25 percent of its equity.
The prospectus is expected to be published on or around May 1, the company said in a statement.
The move follows Middle East payments firm Network International listing in London last week. Italian payments firm Nexi is due to debut in Milan this week, with the company valued at 5.7 billion euros (£4.9 billion).
Payments processing assets have become highly sought after as consumers worldwide switch to digital from cash, commanding impressive valuations for companies in the sector.
(Reporting by Justin George Varghese in Bengaluru; Editing by Bernard Orr)