FrontOffice Nordic AB (FRNT MTF B) has become the first crowdfunded company to list on a public exchange in Sweden. Earlier this year FrontOffice raised about €600,000 from 183 investors on FundedByMe. The company went on to apply for a listing on the Nordic Growth Market (NGM) stock exchange. Today FrontOffice has started trading on NGM Nordic MTF becoming one of the first crowdfunded companies to trade publicly in all of Europe.
Founded in 1984, the NGM is a regulated exchange licensed by the Financial Services Authority. It became a subsidiary of the Börse Stuttgart in 2008. Nordic MTF is NGMs marketplace for trading in small and midsize entrepreneurial companies within the Nordic region. Nordic MTF is for young growing companies wanting their shares to be traded in a public, electronic environment.
”We are very happy to welcome FrontOffice to NGM and we look forward to following the company’s development as a listed company on Nordic MTF”, stated Eva Riben, Head of Listing.
FrontOffice is a legal services firm that targets failing companies. The firm provides turnaround services for these struggling firms. FrontOffice has managed approximately 130 turnarounds to date. They state that 85 of their clients have been successfully rescucitated claiming a higher percentage success rate than their competitors. FrontOffice seeks to become the leading turnaround consultancy in the Nordic region.
Early investors in FrontOffice may now trade shares on the NGM. Daniel Daboczy, co-founder and CEO of FundedByMe described the accomplishment as very exciting for FundedByMe and the global crowdfunding industry.
“I personally invested in FrontOffice and following this path to NGM has been thrilling,” said Daboczy. “I firmly believe that this paves the way for other crowdfunding companies while reestablishing to investors the fact that equity crowdfunding is changing the finance and investment market for the better.”
“Both the company and the market was ready for a public listing and I believe that the visibility that comes with being listed on NGM will in turn enable us to help more customers.”
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