SINGAPORE (Mar 19): Ayondo, a private equity-backed social trading platform, looks set for a listing on the Singapore Exchange on March 26. The company is selling 80.8 million shares — comprising 8.9 million offer shares and 71.9 million placement shares — at 26 cents each, according to its prospectus registered on March 15. Based on the invitation price and the post-invitation share capital of 502.7 million shares, Ayondo is valued at $130.7 million.
Frankfurt-based Ayondo runs a social trading platform called WeTrade, which allows investors to imitate trading strategies of professional traders in real-time. The net proceeds of $18.5 million from the IPO will be used to market and enhance Ayondo’s platform, as well as to pay down its debt of $8.5 million. The rest will be used for working capital.
“Social trading allows ordinary investors to follow the trading and investment strategies of market experts,” says Ayondo CEO and co-founder Robert Lempka. “If you have US$2,000, no one is going to sell you a sophisticated product. We are targeting an [underserved] market with an alternative investment product.”