Abu Dhabi – Mubasher: UAE-based Finablr is mulling over floating a stake of its shares on the London Stock Exchange (LSE), Reuters reported.

The initial public offering (IPO) of the payments and foreign exchange company could raise at least $200 million that will be used to finance expansion and cut debt.

Finablr’s share sale plan comes after its rival Network International’s IPO drew strong demand in a deal that could raise GBP 870 million ($1.1 billion), the news agency noted. 

On Tuesday, Finablr said it could sell a mix of new and existing shares totalling at least 25% of its equity, but a final decision has not been made yet to proceed with the issue.

The company seeks to raise a total of about $500 million from the offering, sources told Reuters.

Promoth Manghat, chief executive of Finablr, noted that the company had not made a final decision to proceed with the IPO, so it would be premature to talk about proceeds or the number of existing shares.

It is worth mentioning that Finablr’s net debt stood at $564.2 million at the end of 2018, about 2.5 times core earnings or EBITDA.

Finablr operates across 170 countries across the globe and manages $114.5 billion in volumes for its clients as of December.