30 Mar MDSK IS PART OF LENDMN IPO
Last year our firm and team comprised of partners Dugerjav D., Maizorig J., senior lawyers Batbuyan S., Uchralbayar I. and associate lawyer Anu-Ujin B.has provided the legal service for the first Non-Banking Financial Institution to issue IPO at the Mongolian Stock Exchange ”LendMN NBFI” JSC. LendMN is Artificial Intelligence-powered micro-lending service providing smartphone-based instant collateral-free loans to customers in Mongolia. According to the Financial Regulatory Commission’s resolution dated February 7, 2018, the company expected to raise 5 billion MNT/approximately 2.09 million USD/ from investors through the Mongolian Stock Exchange trade. The company offered 25% of its shares jointly to the strategic investors (100.0 million shares) and the public (100.0 million shares) at 25 MNT per share on the Mongolian Stock Exchange. However, the company has received total of over 6,000 subscriptions of shareholding and investment order of 43.98 billion MNT /approximately 18.3 million USD/ from individual buyers and business entities. As a result, the company has made a record of over subscription in the history of Mongolian capital market.
Our MDSKhanLex colleagues are delighted for being a part of this exciting project.