EFG Hermes, the leading financial services corporation in frontier emerging markets (FEM), has successfully concluded its advisory on the initial public offering (IPO) of UK-based Finablr on the London Stock Exchange (LSE), having acted as joint bookrunner.
Finablr is a global platform for payments and foreign exchange solutions, with holdings including the UAE Exchange, Travelex Holdings, Xpress Money, Unimoni, Ditto, and Remit2India, among others. The company serves more than 23 million customers and over 1,500 corporate and institutional partners across more than 170 countries.
Mohamed Fahmi, co-head of investment banking at EFG Hermes said, “We are very pleased not just to have concluded this transaction, but to have helped place it amid challenging global market conditions while simultaneously serving as joint bookrunner on the IPO of the Arabian Centres Company on Saudi Arabia’s Tadawul, a transaction expected to trade before the end of the month.”
Fahmi added that Finablr’s shares began trading this morning on the LSE under the stock ticker FIN LN at 175 pence per share, giving it an implied market value at the opening bell of £1.23bn. EFG Hermes acted as joint bookrunner on the £337m transaction.
EFG Hermes is also acting as joint bookrunner on the $748m Arabian Centers’ IPO, the first Reg/144A offering out of Saudi Arabia, which is expected to be the second largest offering in the history of the Kingdom.