The foreign exchange business behind Travelex has confirmed plans to raise £200 million by floating in London. Finablr, which is based in the United Arab Emirates, expects the initial public offering to take place next month. It intends to sell 25 per cent of its equity, using the proceeds to expand the business and reduce debt. It dates back to 1980, when the Indian-born tycoon opened the first branch of UAE Exchange in Abu Dhabi. Mr Shetty, 76, bought Travelex four years ago for £800 million and it now has 1,200 stores…

Source: The Times April 16, 2019 23:03 UTC