Middle East Billionaire Gets Ready for Money Exchange IPO

  • Finablr weighing London share sale as early as next year
  • Company owns Travelex, UAE Exchange and Xpress Money brands

TheTravelex logo is displayed on an outlet in New York. 

Photographer: Scott Eells
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Middle East billionaire Bavaguthu Raghuram Shetty hired Evercore Inc. to advise on a potential initial public offering for his financial-services company, according to people with knowledge the matter, as he seeks to expand a sprawling empire built on offering money transfers and currency-exchange services.

Finablr, the holding company for businesses including Travelex Holdings Ltd. and the UAE Exchange Centre LLC, is weighing a share sale in London as early as next year that may value the business at billions of dollars, said the people, asking not to be identified as the information is private. More advisers could be hired in the next few months, they said. No final decisions have been taken and the plans could change, the people said.