IPO of Lend.mn approved by Financial Regulatory Commission
The Financial Regulatory Commission (FRC) has approved the proposed initial public offering (IPO) of Lend.mn.
The Financial Regulatory Commission (FRC) has approved the proposed initial public offering (IPO) of Lend.mn, a registered non-banking financial institution that offers quick loans between 20 USD and around 410 USD for up to 30 days without collateral. Potential debtors are also required to have a steady income paid to a bank account and must not have a registered, non-performing loan. The FRC has registered 800 million shares for Lend.mn at 10 MNT or 4110 USD per share. From the total share, 12.5 percent or 100 million shares will be offered to the public on the Mongolian Stock Exchange. Lend.mn uses it’s a mobile app to provide personal loans to any Mongolian citizen aged 18 or above. The IPO is expected to raise five billion MNT which is around 2 million USD and will go towards financing future loans. If the IPO receives orders over 80 percent of its 100 million shares, the FRC will determine the IPO as successful and annul the remaining shares. Mirae Asset Securities, which operates a leading institutional capital markets platform to service professional investors with complex global needs, is working as the underwriter of the IPO.