Finablr, the holding company for businesses including UAE Exchange, Travelex Holdings and Xpress Money, has reportedly hired JP Morgan and Barclays for its listing on the London Stock Exchange.
Sources told Reuters on Thursday that the UAE-based payments and foreign exchange company Finablr has hired the firms as global coordinators for its listing in the first half of 2019.
Finablr plans to sell at least 30 percent of its shares to the public and channel the proceeds for expansion and acquisitions.
London was chosen for the listing because of liquidity and access to international investors, one of the sources told Reuters.
Finablr said it had no comment at this stage. JP Morgan and Barclays declined to comment, Reuters reported.
The Finablr network has a global reach spanning over 160 countries and manages nearly $100 billion in volumes for its clients and is owned by UAE-based Indian billionaire Bavaguthu Raghuram Shetty.
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