Seychelles’ national stock exchange MERJ’s tokenized IPO goes live
Tue, 10 Sep 2019, 10:19 am UTC
MERJ Exchange, the national stock exchange of the Seychelles, has announced that the digital initial public offering (IPO), which is said to be the first ever blockchain-based IPO, is now live.
We are delighted to announce that our groundbreaking digital IPO is now LIVE!— MERJ EXCHANGE (@merjexchange) September 10, 2019
Investors can find out more in our new investment portal:https://t.co/yvnsXY7smL#ipo #launch #tech #finance #blockchain #announcement #tokenization #securities #stockexchange #merj pic.twitter.com/G2Tt8kmT02
In addition to its own platform, MERJ told CoinDesk that the shares are available through Jumpstart, PrimeTrust, and Globacap. It is using the public ethereum blockchain for tokenizing the shares.
“These novel financial instruments are here to reshape the financial industry for years to come. MERJ provides the regulatory framework necessary for investors globally to access these markets in a safe and compliant manner,” Edmond Tuohy, CEO of MERJ Exchange, said:
According to the details of the MERJ Security Token Offering, MERJ is issuing 1,652,893 new shares priced at $2.42 per share with a target of raising $4 million. MERJ said that the sale brings its valuation to $25 million.
“Our tokenised IPO offers investors of all classes an opportunity to gain fully regulated USD exposure to our existing business as an alternative listing venue, but also to invest in key market infrastructure for the rapidly evolving world of tokenised assets and crypto securities,” MERJ said.
Last month, MERJ, which is licensed by the Indian Ocean nation’s Financial Services Authority as a securities exchange, clearing agency and securities depository, became the first-ever national stock exchange to list a tokenized security.
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