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OverFuture SA, a Switzerland-based company, is launching, what is being called, the first Swiss compliant digital initial public offering (IPO) of ordinary shares.
The company has been given the green light to incorporate for an IPO of tokenized shares on a blockchain, CoinDesk reported. According to the details, OverFuture is offering 8,399,000 "common equity share security tokens" on the ethereum blockchain at €1.25 ($1.38) per share.
The company has been advised by Andriotto Financial Services and it has used the Ethereum Blockchain and the smart contracts provided by European Digital Assets Exchange EURO DAXX.
“Switzerland has approved the first articles of incorporation that allows a company to have its ordinary class-A shares on the blockchain,” Andriotto Financial Services said in a press release.
“The main difference with other security offerings on the blockchain is that the company has approved the first Swiss articles of incorporation that directly states the digital nature of the shares (tokens) and the use of the blockchain as the technology to keep the shareholders registry; meaning that the transfer of the company ownership can be achieved only with a transfer of the tokens on the blockchain and only the ownership of the token can give the status of shareholder.”
It also said that this could be a huge revolution for the financial industry as blockchain allows OverFuture to launch an IPO and organize secondary market transactions without the involvement of many traditional players such as banks, financial intermediaries, broker-dealers, central depositary systems, notaries, etc.
Founded in September 2018, OverFuture is focused on the "strategic objectives and funding" of its Italian subsidiary, WEL s.r.l., –"a software company, specialized in the digitalization of processes by means of IoT, wearable and digital signage technologies.”
According to the IPO prospectus, Overfuture is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
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