UAE's Finablr cuts IPO price in volatile markets - Reuters:
United Arab Emirates-based Finablr had to cut the price on its initial public offering as the payments and foreign exchange company faced weak investor demand in jittery markets which also rocked ride-hailing app Uber’s Wall Street debut.
Finablr was priced at 175 pence per share, the bookrunner said on Tuesday, significantly below an initially anticipated 210-260 pence range, giving the company an implied market value of about 1.23 billion pounds ($1.59 billion).
Books were covered at full value of the deal worth 192.5 million shares, according to a message seen by Reuters from a bookrunner, which means the share offering will raise about 337 million pounds.
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