Muted debut for first fintech listing Ayondo

Singapore

GLOBAL fintech group Ayondo made its debut on Monday as the first fintech company to be listed on the Singapore bourse.

The Catalist listing opened at S$0.24, two Singapore cents or 7.7 per cent lower than its initial public offering (IPO) price of S$0.26. But the stock gained some strength through the day's trading session, and closed at its IPO price of S$0.26. Some 12.3 million shares changed hands.

Ayondo offers social trading services and brokerage services to clients through two proprietary platforms: WeTrade and TradeHub.

TradeHub is for self-directed trading through contract for difference spread bet trading, while WeTrade is for social trading.

According to the SGX, Ayondo's social trading allows users to find and follow top traders ranked by their performance and the number of followers. Users may then replicate the trades of top traders and build their own portfolios.

In addition, customers may also access educational and casual trading services via Ayondo's mobile application.

Europe-based Ayondo is banking on the rise of online brokerage services and mobile trading, as well as the potential expansion of both social and self-directed trading markets for growth.

The loss-making firm currently has operations in the UK, Germany, Spain, Switzerland and Singapore.

Its largest shareholder has been Singapore private equity investor Luminor Capital since 2014. Ayondo was listed at a market cap of about S$130 million, and joins 74 other tech companies listed on the SGX.