Fellow Finance, a peer to peer lending platform, has announced that their initial public offering (IPO) will trade on the Nasdaq First North Finland marketplace. The offering was said to be 2.2 times over-subscribed.
Fellow Finance will issue a total of 1,300,000 new shares in addition to which certain existing shareholders in the Company are offering 1,293,658 shares in the Company for sale.
The new shares represent 18.3% of Fellow Finance’s outstanding shares with the existing share sale representing another 18.2% of the crowdfunding firm.
The subscription price of the offer was € 7.73 per share in the Institutional Offering and in the Public Offering and € 6.96 per share in the personnel offering.
The valuation of all of the outstanding shares gave Fellow Finance a market cap of € 55.0 million.
Fellow Finance will receive gross proceeds of approximately € 10 million from the IPO, and the shareholders selling sale shares will receive gross proceeds of approximately € 10 million.
Trading of Fellow Finance’s shares is expected to commence at the First North Finland marketplace tomorrow (October 10, 2018). The share trading code of the shares is “FELLOW” and the ISIN code FI4000348974.
Fellow Finance was founded in 2013 with crowdfunding commencing the following year. The Fintech specializes in offering finance solutions to both private individuals and businesses.
The bank alternative’s most robust business vertical is peer to peer business lending.
Helsinki based Fellow Finance has facilitated P2P loans in excess of € 295 million, serving nearly 430,000 users from around 50 different countries.
Fellow Finance’s net sales consist mainly of commissions and interest income. Taaleri Plc is the largest owner of the Company, with an ownership of 45.7 percent before the IPO.
In 2017, Fellow Finance’s net sales were € 8.7 million, growing by 55% from the previous year. During the first half of 2018, Fellow Finance’s net sales grew by 43% compared to the same period of the previous year.
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