ABU DHABI: UAE-based payments and foreign exchange company Finablr is considering a stock market flotation in London that could raise at least $200 million to finance expansion and cut debt.
Finablr, whose brands include UAE Exchange, Travelex Holdings and Xpress Money, said on Tuesday it could sell a mix of new and existing shares totalling at least 25 percent of its equity, though a final decision had not been made to proceed.
The plan comes after its rival Network International’s initial public offering (IPO) drew strong demand in a deal that could raise £870 million ($1.1 billion). Network is set to price at 435 pence per share, a term sheet showed on Monday.
The two deals could end a drought in the European IPO market, which has seen proceeds slump to $292 million in the first three months of 2019 from $13.9 billion a year ago, Refinitiv data shows.
Payments processing assets have become highly sought after as consumers worldwide switch to digital from cash, commanding impressive valuations for companies in the sector.
Finablr CEO Promoth Manghat told a conference call it would be premature to talk about proceeds or the exact number of existing shares to be sold, since the company had not made a final decision to proceed with the IPO.
Sources had earlier told Reuters the company intends to raise a total of about $500 million from the offering.
Finablr’s net debt stood at $564.2 million at the end of 2018, about 2.5 times core earnings or EBITDA, a level Manghat said the company is comfortable with.
The group’s adjusted EBITDA for 2018 was $210.4 million.
The Finablr network has a global reach spanning more than 170 countries and manages $114.5 billion in volumes for its clients as of December, the prospectus showed.
Its biggest markets are India, Pakistan, Bangladesh and the Philippines. UAE Exchange bought Travelex, the world’s largest foreign exchange specialist, in 2016 for £800 million ($1 billion).
Founder B.R. Shetty took another company he founded, NMC Health, public on the London Stock Exchange in 2012.
JPMorgan, Barclays and Goldman Sachs are global coordinators for the deal. Bookrunners include Bank of America Merrill Lynch, EFG Hermes and Numis. Evercore is acting as financial adviser.
UAE’s Finablr mulls London IPO
UAE’s Finablr mulls London IPO
- Flotation could raise at least $200 million to finance expansion and cut debt
- The Finablr network has a global reach spanning more than 170 countries and manages $114.5 billion in volumes for its clients
Jordan’s industry fuels 39% of Q2 GDP growth
JEDDAH: Jordan’s industrial sector emerged as a major contributor to economic performance in 2025, accounting for 39 percent of gross domestic product growth in the second quarter and 92 percent of national exports.
Manufactured exports increased 8.9 percent year on year during the first nine months of 2025, reaching 6.4 billion Jordanian dinars ($9 billion), driven by stronger external demand. The expansion aligns with the country’s Economic Modernization Vision, which aims to position the country as a regional hub for high-value industrial exports, the Jordan News Agency, known as Petra, quoted the Jordan Chamber of Industry President Fathi Jaghbir as saying.
Export growth was broad-based, with eight of 10 industrial subsectors posting gains. Food manufacturing, construction materials, packaging, and engineering industries led performance, supported by expanded market access across Europe, Arab countries, and Africa.
In 2025, Jordanian industrial products reached more than 144 export destinations, including emerging Asian and African markets such as Ethiopia, Djibouti, Thailand, the Philippines, and Pakistan. Arab countries accounted for 42 percent of industrial exports, with Saudi Arabia remaining the largest market at 955 million dinars.
Exports to Syria rose sharply to nearly 174 million dinars, while shipments to Iraq and Lebanon totaled approximately 745 million dinars. Demand from advanced markets also strengthened, with exports to India reaching 859 million dinars and Italy about 141 million dinars.
Industrial output also showed steady improvement. The industrial production index rose 1.47 percent during the first nine months of 2025, led by construction industries at 2.7 percent, packaging at 2.3 percent, and food and livestock-related industries at 1.7 percent.
Employment gains accompanied the sector’s expansion, with more than 6,000 net new manufacturing jobs created during the period, lifting total industrial employment to approximately 270,000 workers. Nearly half of the new jobs were generated in food manufacturing, reflecting export-driven growth.
Jaghbir said industrial exports remain among the economy’s highest value-added activities, noting that every dinar invested generates an estimated 2.17 dinars through employment, logistics, finance, and supply-chain linkages. The sector also plays a critical role in narrowing the trade deficit and supporting macroeconomic stability.
Investment activity accelerated across several subsectors in 2025, including food processing, chemicals, pharmaceuticals, mining, textiles, and leather, as manufacturers expanded capacity and upgraded production lines to meet rising demand.
Jaghbir attributed part of the sector’s momentum to government measures aimed at strengthening competitiveness and improving the business environment. Key steps included freezing reductions in customs duties for selected industries, maintaining exemptions for production inputs, reinstating tariffs on goods with local alternatives, and imposing a 16 percent customs duty on postal parcels to support domestic producers.
Additional incentives in industrial cities and broader structural reforms were also cited as improving the investment climate, reducing operational burdens, and balancing consumer needs with protection of local industries.
