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Tuesday, 1 May 2018

Middle East Billionaire Gets Ready for Money Exchange IPO - Bloomberg

Middle East Billionaire Gets Ready for Money Exchange IPO - Bloomberg:

"Middle East billionaire Bavaguthu Raghuram Shetty hired Evercore Inc. to advise on a potential initial public offering for his financial-services company, according to people with knowledge the matter, as he seeks to expand a sprawling empire built on offering money transfers and currency-exchange services. Finablr, the holding company for businesses including Travelex Holdings Ltd. and the UAE Exchange Centre LLC, is weighing a share sale in London as early as next year that may value the business at billions of dollars, said the people, asking not to be identified as the information is private. More advisers could be hired in the next few months, they said. No final decisions have been taken and the plans could change, the people said. The timing of an IPO is yet to be determined, according to Finablr Executive Director Promoth Manghat. The company is currently “focused on accelerating our transformation efforts,” he said. Representatives for Evercore couldn’t immediately be reached for comment."

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