Numisbing says it is planning to IPO on Nasdaq First North Stock Exchange in Stockholm next month
Numisbing, a Dubai-based numismatics and arts company, is planning to IPO on Nasdaq First North Stock Exchange in Stockholm, Sweden, next month.
The company, valued at AED100 million with 75 percent regional market share, will be the first numismatic company from the Middle East to be listed on any stock exchange.
Numismatics is the collection of rare currency, including coins, tokens, paper money and related objects.
The company said it has also secured AED58.6 million capital commitment agreement with GEM Global Yield Fund (GEM), a multi-billion dollar private alternative investment group based in New York.
“Numisbing’s vision is to become one of the world’s most recognised numismatic brands. Since our inception in 2012, we have built a good reputation and customer base in the region while marking great profitability. Going for IPO seemed like a natural progression to achieve the growth and reach to Asian and European markets,” said Numisbing founder and chairman Ram Kumar.
“Our ambition is to expand the company while offering greater value to the shareholders and I’m confident our excellent track record will provide impetus to a good market response. While half of the IPO proceeds will be invested into collectibles assets, the rest will be used for expansion of the business to other regions," he added.
He said that provided that proper due diligence is conducted in building a portfolio, an investment in rare coins could present an opportunity for lucrative returns, adding that although the market is limited, growing interest is driving higher prices in the medium and long term.
“The incentive to invest in historical coins has only grown over recent years, and investors across the international stock market are seeking new ways to diversify their investment portfolios. Indeed, investment advisors world over are now recommending that four percent of each investment portfolio should consist of collector’s items,” said Kumar.
Numisbing said it has grown rapidly and nearly doubled its turnover in the last two years with growth remaining steady and 2019 looking to be a "promising year".For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.