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Share subscription of The Naga Group AG has started today. The Hamburg-based fintech is the first company from the Deutsche Börse Venture Network announcing an IPO in Scale, the Deutsche Börse segment for small and medium-sized enterprises (SMEs) launched on 1 March. Naga aims to drive the development, marketing and growth of disruptive applications in financial technology and therefore play a part in opening up the existing financial markets.
DirectPlace will also provide its support in the share subscription. Deutsche Börse's subscription functionality is intended to enable companies to tap into additional investor groups such as family offices, asset managers and retail investors prior to the IPO. This gives retail investors the opportunity to place buy orders through their custodian bank during the subscription phase. This was typically only possible after placement.
Via DirectPlace, orders are automatically forwarded to a central order book, which the issuer together with the bank acting as lead manager can view at any time. The issuer then decides which orders will be allocated. Due to the fact that all German banks and also a large number of international banks are connected to the Frankfurt Stock Exchange's trading system, almost any investor can subscribe in the pre-IPO stage. Investors can find important information on the transaction as well as the securities prospectus at www.boerse-frankfurt.de.
DirectPlace can be used for the public offering of equities, bonds, participation certificates or funds.
Currently 43 equities and 13 corporate bonds are listed in Scale. Company admission for the segment includes meeting minimum requirements on key financial figures and cooperating with a Deutsche Börse capital market partner that checks the company's suitability for the segment and also oversees companies after their IPO. Research reports commissioned and paid for by Deutsche Börse and prepared by Edison Investment Research and Morningstar are also mandatory. The Scale All Share Index launched in mid-March tracks all Scale-listed shares.
