Ayondo planning $155 million ‘Reverse Takeover’ IPO on Singapore Exchange
Breaking Forex News… Social trading pioneer Ayondo has announced plans for a listing for the company on the Singapore Exchange (SGX), which would result in the company having a market capitalization in the S$210 million (USD $155 million) range post transaction, valuing Ayondo at about $116 million pre-deal.
FCA-regulated Ayondo stated that it is in advanced negotiations with an SGX-listed company on a Reverse Takeover transaction. This could result in Ayondo being the first fintech company to be listed on the SGX.
Following the completion of the proposed Reverse Takeover, Ayondo shareholders will own 75% of the new consolidated group. The proposed transactions will involve the injection of substantial fresh capital (Ayondo don’t state how much though). The resulting listed entity will trade under Ayondo’s name, and will be fully controlled and managed by current Ayondo management.