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CEO: Finablr to use half of London IPO proceeds for expansion

Finablr PLC intends to use half of the proceeds from its London IPO to expand both organically and through acquisitions focused on intellectual property and technology and across payments and foreign exchange, CEO Promoth Manghat told Reuters.

The United Arab Emirates-based payments and foreign exchange firm raised $400 million from the IPO after it floated its shares at a price of 175 pence apiece, well below an initially expected range of 210 pence to 260 pence, the news agency noted.

Manghat said the funds will be invested over the next two to three years in the company's existing businesses across the Middle East, Asia and Africa, as well as its payments business in Europe and the U.S.

Finablr is also looking to expand in high growth markets in the Middle East, Asia and Africa, and plans to boost scale in terms of volumes it handles and increase its partnerships in the next three to five years, Manghat added.

Manghat also said the company expects its EBITDA margin to reach 20% in the next three to five years from 14% currently. Finablr is set to announce its first results on the London Stock Exchange after June 30, Reuters noted.