UAE's Finablr considering London stock market launch

The UAE-based payments and foreign exchange company, Finablr, said on Tuesday it expects to register to launch an initial public offering (IPO) in London, in a deal that could raise proceeds of $200 million.

Finablr, the holding company for businesses including UAE Exchange, Travelex Holdings and Xpress Money, said any offer it made would consist of new shares and existing shares to be sold by some of its investors.

The company intends to use the net proceeds to finance expansion plans and reduce net debt, it said.