Ayondo remains private company after reverse takeover bid lapses
That’s because the reverse takeover (RTO) bid offer from Singapore-based property developer, Starland Holdings, lapsed this week. The RTO bid, initiated in June of 2016, was for $117 million and would have placed Ayondo on the SGX, making it the third technology company and the first fintech company to IPO on the SGX.
Frankfurt-based Ayondo stated last year that it had originally opted for a reverse takeover because of “volatility in financial markets”. The RTO would have given Starland a majority stake in Ayondo. According to a company update, Ayondo still plans to complete the RTO later this year.
Ayondo appears to be holding its own as a privately-held entity. The company reported that its UK arm, Ayondo Markets Limited, grew revenues 95% from $9.8 million to $19 million over the course of 2015 to 2016. The company’s assets under management also grew, rising from $19 million to $35.8 million over the same timeframe.
Ayondo was founded in 2008 and its brokerage platform lets users copy the moves of top traders to optimise returns.