ABU DHABI based Indian business tycoon, BR Shetty, 76, is planning to float one of his businesses on the London Stock Exchange.
Shetty’s payments firm, Finablr, based in the United Arab Emirates (UAE), aims to raise over £153 million from a stock market float in the British capital, a report said.
Finablr is the parent company of Travelex, the foreign currency exchange business.
The company was yet to take a decision on its stock market debut in London. The new plan includes the sale of existing shares and new stock, said Finablr chief executive Promoth Manghat yesterday (9).
Shetty, who owns 91 per cent stake in Finablr and serves as co-chairman of the business was quoted as saying in the Daily Telegraph: “the right time to consider the future growth of Finablr and whether the business would benefit from becoming a listed company”.
“We have tremendous opportunities ahead of us and we are well placed to capture these, through the significant investments we have made in building capabilities and the strong management team we have put in place.”
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.