Infibeam Avenues Limited (BSE:539807) is looking to raise between $25-50 million by listing its UAE-based step-down subsidiary, Avenues World FZ LLC, on NASDAQ Dubai and Dubai Financial Market (DFM), as per sources
close to the development. In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd. A source quoted above said Vavian International Ltd. may offer up to 25% of its equity stake in Avenues World FZ LLC through this dual listing arrangement. Avenues enables payment gateway infrastructure for a vast network of over 5,000 UAE merchants, processing annual transactions exceeding AED 12 billion. According to another source, the company is presently engaged in the process of appointing merchant bankers and is in advanced discussions with various entities such as Safa Capital, Tell Group, HSBC, and Emirates NBD, among others. The final selection of the merchant bankers is expected to be concluded shortly. Replying to ET questionnaire, Infibeam said, "Our UAE-based subsidiary Vavian International Ltd, in the ordinary course of business, keeps exploring its options to make potential fundraise, for its expansion/business purposes, from time to time. It would be premature to comment on the same at this point in time".