Abu Dhabi: Finablr, Abu Dhabi billionaire Bavaguthu Raghuram Shetty’s financial-services firm, is struggling to find investors for its London initial public offering as the sale draws to a close, people familiar with the matter said.
The holding company for businesses, including Travelex Holdings Ltd. and the UAE Exchange Centre LLC, could opt to restructure or delay the IPO, the people said, asking not to be identified as the details are private. The sale is scheduled to end on May 13 and there has not yet been a message to the markets saying there is demand for all the shares, they said.
No final decisions have been made and the company could still attract enough investors and proceed with the sale as scheduled, they said. A representative for Finablr declined to comment.
Issuers globally have struggled as stock markets weakened this week, leading potential buyers to shy away from IPOs. Uber Technologies Inc. priced its share sale toward the bottom of its marketed range despite having excess demand, giving the ride hailing firm a value below its last private funding round.
Finablr’s sale opened for investors on May 1 and had sought to value the company at as much as $2.4 billion (Dh8.8 billion) and raise as much as $677 million. It came in the wake of a successful London IPO for Dubai-based Network International Holdings, the largest in London in 2019. Other emerging market companies are planning UK listings for later in the year, as well.