Bavaguthu Raghuram Shetty, the billionaire from West Asia is all set to hire Evercore for their advice on a potential initial public offering (IPO) for his financial-services company. This step has been initiated to safeguard and improve his sprawling business empire.
Finablr, the holding company for businesses that include Travelex Holdings and the UAE Exchange Centre, is about to organize a share sale in London as early as next year. Sources have revealed that more advisors could be hired in the next few months. No final decisions have yet been taken and the plans could also change.
The schedule of an IPO is yet to be determined, according to Finablr Executive Director Promoth Manghat. The firm is currently “focused on accelerating our transformation efforts”, he said. Representatives for Evercore were unavailable for any comment as of now. Incidentally, Shetty set up Finablr last month to consolidate his financial services brands, which include Xpress Money.
Shetty and entities are linked to Saeed Bin Butti Al Qubaisi’s Abu Dhabi-based Centurion Investments in 2015 who had bought a majority stake in Travelex, which had revenue of £786 million ($1 billion) last year. Finablr which is based in the United Kingdom has said that it plans to support expansion efforts by its divisions including $250 million to $300 million in acquisitions and strategic investments by the UAE Exchange unit. The financial group is actually competing for a slice of the global remittances market, which is primarily dominated by 266 million migrant workers according to World Bank database.