The Financial Regulatory Commission reported last week that it registered 800 million shares of the non-banking financial institution LendMN for 100 MNT per share.
LendMN gave a presentation about securities on February 9, at the Mongolian Stock Exchange. LendMN will offer 25 percent of the company’s shares through an IPO.
The company expects to raise five billion MNT from individual buyers and strategical investors through the MSE trade, and will spend the money on expanding its operations.
Applications for buying the securities will open on February 21, and close on March 7. LendMN introduced its financial technology in 2016, and they provide loans without collateral through a mobile application.