UP Fintech Holding Limited, a prominent online brokerage firm, has successfully completed its follow-on public offering, raising substantial funds to support its expansion efforts. The capital was secured through the sale of 15 million American Depositary Shares (ADS), each representing 15 Class A ordinary shares, priced at $6.25 per ADS.
Strengthening Capital Reserves and Expanding Operations
According to UP Fintech, the funds raised from the ADS offering will be used to bolster the company’s capital reserves and further its business development initiatives. Additionally, underwriters have been given a 20-day option to purchase an additional 2.25 million ADSs at the same price, which could further enhance the capital raised.
This offering, carried out under an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC), is a pivotal step for UP Fintech as it seeks to broaden its presence in the online brokerage sector. The company aims to use the proceeds to enhance its proprietary trading platform, which allows global investors to trade stocks and other financial instruments across multiple exchanges.
Supporting Global Growth Strategy
The capital raised through this public offering is expected to accelerate UP Fintech’s global expansion plans and help the firm better serve its growing international customer base. The company emphasized that the funds would be vital for expanding its services, improving infrastructure, and delivering an enhanced trading experience to both existing and future clients.
Several prominent financial institutions, including Deutsche Bank AG (Hong Kong Branch), China International Capital Corporation Hong Kong Securities Limited, and US Tiger Securities, Inc., acted as joint bookrunners for the transaction, ensuring the offering adhered to SEC regulations.
Aiming for Innovation and Expansion
Known for its mobile-first trading platform, UP Fintech provides a range of services such as trade order execution, margin financing, and IPO subscriptions, catering to the needs of global investors. With the additional capital, the company plans to scale its operations, offering improved services and infrastructure to meet the demands of its clients worldwide.
This latest fundraising effort signals UP Fintech’s commitment to innovation and growth, positioning the firm to strengthen its foothold in the online brokerage market and enhance its offerings for global investors.
