ayondo, a key social trading broker, is starting an IPO effort in Singapore. The news comes a month after the company announced the Acquisition of a portfolio management license for its social trading offering in Germany from local financial regulator BaFin.
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Last April ayondo announced its intention to be listed in Singapore via a reverse takeover agreement. The brokerage is saying that the main partner in the deal failed to deliver on its commitments and the transaction was cancelled.
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The deal with the SGX-listed company was brought to a halt earlier in September this year. According to the preliminary calculations, the company was valued at about $155 million as of April 2016.
Commenting on the latest developments, 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.”
The company’s plan to get listed in the beginning of 2018 comes amid a growing ICO fever across the industry. A number of companies have been exploring cheaper options to obtain additional financing for their projects.
On its part ayondo has a fully working solution for social trading. The company has been very active in the Southeast Asian market. After opening an office in Singapore in 2014, the firm got financing from locally-based private equity fund Luminor Capital.
The Robert Lempka aims to provide more details about the company’s plans in November.
With the recent addition of a portfolio management licence from the German financial regulator BaFin, the position of the company in its home market has materially improved. The firm is also FCA-regulated.
ayondo, a key social trading broker, is starting an IPO effort in Singapore. The news comes a month after the company announced the Acquisition of a portfolio management license for its social trading offering in Germany from local financial regulator BaFin.
Register now to the London Summit, Europe’s largest gathering of top-tier retail brokers and institutional FX investors
Last April ayondo announced its intention to be listed in Singapore via a reverse takeover agreement. The brokerage is saying that the main partner in the deal failed to deliver on its commitments and the transaction was cancelled.
[gptAdvertisement]
The deal with the SGX-listed company was brought to a halt earlier in September this year. According to the preliminary calculations, the company was valued at about $155 million as of April 2016.
Commenting on the latest developments, 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.”
The company’s plan to get listed in the beginning of 2018 comes amid a growing ICO fever across the industry. A number of companies have been exploring cheaper options to obtain additional financing for their projects.
On its part ayondo has a fully working solution for social trading. The company has been very active in the Southeast Asian market. After opening an office in Singapore in 2014, the firm got financing from locally-based private equity fund Luminor Capital.
The Robert Lempka aims to provide more details about the company’s plans in November.
With the recent addition of a portfolio management licence from the German financial regulator BaFin, the position of the company in its home market has materially improved. The firm is also FCA-regulated.
