May 15, 2019 / 8:21 AM / 2 months ago

UAE's Finablr shares down as much 5% after London market debut

LONDON, May 15 (Reuters) - Shares in payments and foreign exchange company Finablr slipped in early trading on Wednesday, falling by as much as 5% on its market debut.

The United Arab Emirates-based firm had extended the closing of books for the London public offering by one day and cut its price on Tuesday, amid weak investor demand in jittery global markets.

Finablr was priced at 175 pence per share but fell to a low of 166.16 pence on Wednesday.

The IPO price was significantly below an initially anticipated 210-260 pence range, giving the company an implied market value of about 1.23 billion pounds ($1.59 billion). (Reporting by Clara Denina and Iain Withers, editing by Sinead Cruise)

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