Zurich-based Investment firm ayondo, which operates a regulated online social trading platform in London and Frankfurt, is on track to be the first fintech company to be listed in the Singapore Exchange (SGX).
Ayondo could kick off its pre-IPO roadshow, meeting with potential investors and touting the network’s ability, as early as next month, according to a report by The Business Times.
Last year, ayondo announced its intention to be listed in Singapore via a reverse takeover agreement with Catalist-listed developer Starland Holdings for S$157.5 million. However, the brokerage said in September 2017 that the RTO transaction was brought to an end after the main partner in the deal failed to deliver on its commitments.
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At the time, CEO Robert Lempka said: “The end of the RTO opens up the way for ayondo to pursue an Initial Public Offering (IPO) instead. The preparation work for an RTO and IPO is almost identical in Singapore and therefore provision is made for a listing in early 2018.”
Earlier in October, ayondo Group activated its portfolio management licence issued by the German regulator (BaFin) making the social platform the first fintech company to offer its services under such a licence.
In the city-state, ayondo established a branch back in 2014 after Singapore-based private equity fund, Luminor Capital, became a significant stakeholder in the fintech group.
The company has also inked a partnership deal with local brokerage firm KGI Fraser Securities to launch a contracts for differences (CFDs) platform, based on Ayondo’s existing TradeHub system.