Hamburg-based NAGA Group AG (XETRA: N4G) is planning for an initial public offering (IPO) in the United States, thus marking an associated listing of its shares on the US technology Exchange , NASDAQ.

NAGA is already listed in Germany on Deutsche Börse’s Xetra. The company is now moving to list itself in the United States primarily to tap into a much broader group of investors that will significantly strengthen its profile on the capital market.

Announced on Wednesday, the German company is expected to complete the US listing by the second half of 2022, but that will depend on the market and other conditions. However, the company did not provide any details on the expected US IPO.

NAGA’s offerings include its flagship copy and social Trading Platform and other brokerage services. In recent months, the company expanded services by launching a payment platform, global stock trading services, and a non-fungible token (NFT) platform.

Meanwhile, trading demand on NAGA continued to jump over several quarters in the past. The social trading platform closed the past two consecutive quarters with revenue of $15 million and $21 million, respectively. Now, the company is expecting consolidated sales of EUR 95 million to EUR 105 million for the financial year 2022.

The company detailed that the efforts for the US IPO are being ‘supported by a continuously strong development of the operative business’.

Closing Down in the UK

In addition, NAGA announced that it will terminate all direct business relationships with UK-based customers in the course of December, citing regulatory restrictions, and it also informed the FCA about its plan.

Before its approach to the US market, the German company secured significant investments for financing global growth aspects. Most recently, it secured EUR 34 million from a private share placement, after raising another EUR 22.7 million and receiving an additional guarantee of €30 million in capital over the next three years.