Trading in shares of binary options brokerage solutions provider TechFinancials has started on the London Stock Exchange Alternative Investment Market (LSE AIM). This initial public offering by TechFinancials marks the first IPO for the binary options industry.
The Online Trading technology firm is now listed on the LSE AIM marketplace under the pithy ticker symbol: TECH.
TechFinancials, together with investment bank Northland Capital Partners Limited, successfully raised approximately £3.05 million (before expenses) through the issue of 11,304,709 new ordinary shares at a price of 27 pence per ordinary share. TechFinancials' market capitalisation on admission, based on the placing price, is approximately £18.4 million.
Asaf Lahav, Co-Founder and Co-CEO, Techfinancials
Asaf Lahav, commented: "I am very pleased that TechFinancials' shares are admitted to AIM today. TechFinancials is well placed to capitalise on the opportunities which being a publically listed company brings. The support from new and existing investors to the transaction has been encouraging and the Board looks forward to growing long-term shareholder value in line with our ambitious growth plans."
After initially being planned for March 11th, the first-ever retail binary options related IPO was delayed till today as the company met some difficulties in the process.
The LSE AIM is already known as a popular venue for raising public capital for the Forex industry. Both the CFD broker Plus500 and SafeCharge, the payments solutions provider specializing in forex brokers and online gambling sites, had successful IPOs at AIM which made many FX brokers and service providers start looking at their own prospects. Following today's event we might see a similar trend toward London at the binary options trading industry.
Ahead of the IPO, the TechFinancials' founders sat down with Forex Magnates to explain the firm's position as its shares were about to get listed. We met with Asaf Lahav and Eyal Rosenblum, Co-Founders and Co-CEOs of TechFinancials, at the company’s offices in Herzliya to hear from them about the IPO process, new products in development and their plans to take the industry to the next level.
