Cairo – Mubasher: EFG Hermes on Wednesday announced the completion of its advisory on the initial public offering (IPO) of Finablr, global platform for payments and foreign exchange solutions, on the London Stock Exchange (LSE).

The Cairo-based investment bank acted as the joint bookrunner on the GBP 337 million transaction, along with “simultaneously serving as joint bookrunner on the [$748 million] IPO of Arabian Centres Company on Saudi Arabia’s Tadawul, a transaction expected to trade before the end of the month,” co-head of investment banking at EFG Hermes, Mohamed Fahmi, said in a statement.  

“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 GBP 1.23 billion,” the statement added.

The global platform owns several holdings including the UAE Exchange, Travelex Holdings, Xpress Money, Unimoni, Ditto, and Remit2India.