LeapRate Exclusive… Continuing our exclusive coverage of the goings-on behind the scenes at the IPO of binary options platform provider TechFinancials, LeapRate has learned that the offering was slightly increased in size from our earlier reported $5.25 million to just over $5.4 million, with directors and current holders putting in more money at the IPO price.
The underwriters have already sent out placing letters, with most signed back already. Although it has not yet been publicly announced, we understand that the transaction will close later this week, with formal admission to the London Stock Exchange’s AIM market and the first day of trading targeted for next Monday, March 16.
As we wrote earlier, the company will begin trading at a post-IPO market capitalization of about $30 million. The underwriters marketed the offering based on a 2015 earnings multiple of about 7.5x, indicating that they forecast net profit of about $4 million this year for TechFinancials.
More of the details from TechFinancials’ IPO prospectus, such as historical revenues, trading volumes and profits, ownership, and breakdown between TechFinancials’ platform and OptionFair brokerage businesses can be seen at our article from last week.
We will continue to bring our readers exclusive coverage of the TechFinancials IPO as we head toward the first day of trading next week.