At the regular meeting held on April 24, the FRC approved initial public offering of Invescore NBFI, the leading non-banking financial institution, on the Mongolian Stock Exchange.

Invescore NBFI had begun its business operations in 2016 and has since became one of the top-tier leading companies in the sector as a result of consistent pursuit to introduce swift services and innovative technology in the market and its constant aim to become the responsible financial assistant to its customers. The company had become the first to introduce KHUR system, which eliminated any difficulties and delays caused to customers, and allowed swift services as well as reducing the risks associated with false information. It also developed the SMART-LOS internal credit procedure system via its subsidiary company Invescore AI Lab LLC and has successfully introduced the system in its credit procedures. As a result, the company operates offering traditional non-banking financial and financial technology-based products and services.

Invescore NBFI is currently developing a credit scoring system, which is a further extension to the loan evaluation system by using artificial intelligence algorithms. The system is under development by Invescore AI Lab LLC, a subsidiary company of the Issuer and Liberra Company, a Japanese corporation implementing the self-driving car project of Toyota Corporation. Additionally, the company is working to launch a fintech-based micro-loan application in order to increase the accessibility of its financial services. The issuer plans to enter foreign markets such as Japan, Central Asia, and South-East Asia.

The company is offering 10,759,188 units or 15 percent of its total ordinary shares to raise MNT 17.6-18.7 billion. The proceeds of the IPO are planned to finance the company’s core activity – lending activity. Invescore NBFI is offering 85 percent of its newly issuing shares at MNT 1,650-1,750 to strategic investors, and 15 percent at MNT 1,550-1,650 to the public based on book building method. Primary market subscription will be held from May 22 to May 30.

Lead manager of the IPO is “TDB Capital SC” LLC and co-manager is “Invescore Capital SC” LLC.