Finablr has confirmed its intention to proceed with an initial public offer (IPO) on the London Stock Exchange's main market for listed securities.

The offer will be composed of new shares to be issued by the United Arab Emirates-based payments and foreign exchange company, as it aims to raise gross proceeds of $200 million. It intends to use the net proceeds from the issue of the new shares to finance further expansion plans and reduce net debt.

In addition, it is expected that up to a further 15 per cent of the base offering size will be made available by one or more of the selling shareholders pursuant to an over-allotment option.

Its prospectus is expected to be published on or around 1 May, with the final offer price determined following a book-building process. Immediately following admission, Finablr intends to have a free float of at least 25 per cent of issued share capital and it is expected that the company will be eligible for inclusion in the FTSE UK indices.

According to a statement, the directors believe that the offer will enhance the group’s public profile and brand awareness; create a liquid market in the shares for shareholders; and assist in the incentivisation and retention of key management and employees.

Group chief executive Promoth Manghat commented: “Through Finablr we have consolidated our global business and assets onto a common integrated platform combining agile and scalable technology, best in class operating capabilities, and our broad pay-in and pay-out network.

“This has allowed us to own and control the payments value chain end-to-end and be as relevant to global business as we are to individual consumers.”

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