LendMN’s record-smashing IPO opened the gates for more Mongolian startups to go public
AND Global is the world’s first Fintech company to issue an Initial Public Offering of stocks on the Mongolian Stock Exchange (MSE), and we are proud to have set an example for four other Mongolian startups who have followed in our footsteps.
In February 2018, we launched an IPO for LendMN, our AI-powered Fintech app that enables under-banked populations to access microloans with no collateral and service fees of only 3–10%. Our initial goal was to raise MNT 5 billion (US$2 million) by offering 25% of our shares, of which half were for the public and the rest for investors.
Results massively exceeded our expectations. AND Global received nearly MNT 44 billion (US$17.6 million), oversubscribing our stock by 1650% with the largest IPO order in MSE history. We are also the first Mongolian fintech company to be listed on a stock exchange anywhere. Since the IPO, the LendMN stock price increased 179% from its starting point of 25MNT. All funds have been allocated to microloans for local customers.
“In the 12-year history of the Mongolian Stock Exchange, there has never been an IPO roadshow that attracted as much interest from professional brokerage companies and public individual investors as LendMN’s. The crowd almost tripled the size of any other regular IPO roadshow in Mongolia. It was really very surprising.”
— Anar Chinbaatar, CEO of AND Global.
Following our IPO, four other Mongolian companies were inspired to list their own stocks. Mongo Basalt and Erdene Resource each launched IPOs earlier this year. Both oversubscribed by healthy margins as well: Mongol Basalt by 310%, and Erdene Resource by 66%. Following these successes, Ard Insurance and Mandal Insurance listed their own IPOs this month. Our team is thrilled to have been a successful example for other Mongolian startups to launch their own IPOs.
To stay tuned on upcoming news about AND Global and LendMN, join our Facebook and Twitter pages, linked below. We have lots of exciting announcements to make in the coming months!
Facebook: AND Global / LendMN
Twitter: AND Global / LendMN
