Naga Group AG, a provider of disruptive financial technology and innovation incubation, has moved ahead with its Initial Public Offering (IPO) plans today, following the requisite regulatory approvals. The Hamburg-based fintech group will be included on Deutsche Börse AG, Frankfurt, with shares being offered for subscription as early as this week.
Naga Group will be included within the Scale segment of Deutsche Börse’s AG, Frankfurt, which specifically caters to small and medium size enterprises (SMEs) seeking equity financing options. The development follows recent regulatory approval by Germany’s Federal Financial Supervisory Authority (BaFin), which approved a securities prospectus for the planned flotation of Naga Group on the Frankfurt stock exchange.
LegacyFX’s Robust Tool Offering Setting it Apart from CompetitionGo to article >>
The group is planning an initial listing on the Frankfurt stock exchange segment as early as July 10, 2017. In preparation for the listing, Naga Group will also be offering 1.0 million new shares of €2.60 each, that will be made available through subscription starting this week on June 8, 2017. This subscription will be available though DirectPlace at Frankfurter Wertpapierbörse (FWB) or Frankfurt stock exchange or Naga Group’s own trading app, SwipeStox and its accompanying website at preferential conditions.
Naga Group is the owner of SwipeStox, a popular mobile-centric app for social trading. SwipeStox has been a fast-growing entity over the past year, being integrated and used by several leading brokerages. The mobile app is currently providing services to over seven brokers, including names such as One Financial Markets, ThinkMarkets, and others.
The launch of its IPO is a huge step for Naga Group. It follows a sizable investment round earlier this year, in March. Naga Group had previously secured one of the largest FinTech Series A investments this year from FOSUN, a global Chinese investment group, helping advance its agenda and growth trajectory moving forward that have now coalesced into its concrete plans for the IPO – the March investment round encompassed over €12.5 million.