Germany-based SwipeStox announced today that its parent company, The NAGA Group (NAGA), is planning an IPO on the Frankfurt stock exchange. The German Federal Financial Supervisory Authority, BaFin, approved the listing, which is planned for July 10, 2017.
NAGA will offer up to one million new registered shares until June 29 2017 for private and institutional investors in Germany, Austria, Switzerland, and Spain. Shares are priced at $2.93 (€2.60). Discount shares of $2.79 (€2.47) are available on the SwipeStox app and NAGA website for subscribers who hold a Real Money Account at the broker Hanseatic Brokerhouse Global Marktes Ltd (HBGM).
The purpose of the IPO, as the company describes in the press release is “aimed at improving the company’s profile and developing its equity – including as a currency for further expansion.” Gross revenues of up to $2.93 million (€2.6 million) will be used to further software and business development and to bolster marketing to attract more users to the SwipeStox app.
Founded in 2015, NAGA has raised a total of $14.5 million. The company has six offices across three European countries and plans to open locations in Shanghai and New York to support potential partners in the American and Asian markets. SwipeStox, the social network for stock trading, stands out as one of NAGA’s most successful projects. SwipeStox launched in 2016. Nine months after going live the startup’s global user base had already traded more than $21 billion over the platform.
Benjamin Bilski, along with Managing Director & Co-Founder, Wladimir Huber, showed off the SwipeStox platform at FinovateSpring 2016. At FinovateEurope 2016 in London, SwipeStox took home a Best of Show award for the debut of its platform. Earlier this year, the company closed a $13 million funding round led by Chinese investment group FOSUN, which is committed to helping NAGA expand SwipeStox in the Asia Pacific region. In 2016, the company launched a web trading platform and took home honors at Wolves Summit 2016 where it won $100,000 for business development.
SwipeStox is just the beginning for NAGA. The company is working on a new project, Switex, which focuses on trading virtual objects in online gaming (in-game items). Additionally, NAGA plans to launch two new fintech companies in early 2018.
SwipeStox Parent Company Announces IPO