Finablr, Abu Dhabi billionaire Bavaguthu Raghuram Shetty's financial-services firm, slashed the price for its initial public offering after struggling to find investors for its London sale.
The holding company, whose businesses include Travelex Holdings and the UAE Exchange Centre LLC, revised the offer price to 175 pence per share from an original range of 210 pence to 260 pence, according to a term sheet. The new price implies a market value of 1.23 billion pounds ($1.6 billion) versus an initial indicated value of as much as 1.8 billion pounds.
The sale, which closes at 3 PM in London on Tuesday, now has demand for all shares on offer, according to an update sent to investors. The company had extended the offer period by a day, people familiar with the matter said, asking not to be identified because the process is private.
It's been a tough week for IPOs as plunging markets made potential buyers nervous....