DMERJ Exchange announces its initial public offer |11 September 2019
MERJ Exchange Limited,operator of Seychelles’ ‘MERJ EXCHANGE’, yesterday announced the pricing of its initial public offering of 1,652,893 new ordinary shares at a price to the public of US $2.42 per share.
The offering is open to individuals and entities in Seychelles and globally through the exchange’s own web portal, as well as through the broker members of the exchange, US broker-dealer Jumpstart, US custodian Prime Trust and London based FCA regulated service provider Globacap.
The initial public offering (IPO) is expected to close on November 8, 2019 unless extended by directors of the company or closed early if fully subscribed before the scheduled date.
The announcement of the IPO comes a month after MERJ Exchange Limited beat global competitors worldwide to become the first fully regulated stock exchange in the world to list a security issued on a blockchain platform.
MERJ Exchange chief executive Edmond Tuohy expressed that being a fully regulated securities exchange, MERJ is combining trusted regulation with the flexibility of the blockchain provides the regulatory framework necessary for investors globally to access primary and secondary markets for digitized securities in a safe and compliant manner.
The IPO is being made by the means of a prospectus which has been approved by the Seychelles Financial Services Authority. Copies of the prospectus may be obtained from the website of MERJ Exchange Limited on https://merj.exchange or from the broker members of MERJ EXCHANGE as indicated on the MERJ EXCHANGE website.
Any person interested in taking part in the public offer can contact their stockbroker or register directly with MERJ Exchange on its website.
MERJ EXCHANGE Limited, formerly Trop-X Limited, was incorporated in the Republic of Seychelles in 2011. The exchange went live in 2013 and upgraded from a correspondent member to an affiliate member of the World Federation of Exchanges in 2016. As an end-to-end Regulated Market MERJ has established and administers rules for the listing, trading, clearing, and settlement of securities.
The Seychelles exchange developed as a result of the International Monetary Fund and World Bank working with the Seychelles government to build a financial services sector while coordinating with agencies like the Organisation for Economic Co-operation and Development (OECD) and Financial Action Task Force (FATF) to ensure compliance with the highest international standards. An affiliate member of the World Federation of Exchanges, MERJ is licensed by the Seychelles Financial Services Authority, which is an associate member of International Organisation of Securities Commissions (IOSCO).
Seychelles is a member of the Commonwealth and the only country in Africa classified as high-income by the World Bank.