UAE – Mubasher: UAE-based Finablr is set to float a stake of its shares of on the London Stock Exchange (LSE), Reuters reported.  

The payments and foreign exchange company is expected to launch its initial public offering (IPO) in May, while the final offer price will be determined after a book-building process.

Finablr, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, aims to raise $200 million from the sale of new and existing shares totalling at least 25% of its equity.

Earlier in April, the UAE-based firm was reportedly planning to raise around $500 million from the offering.

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