SelfWealth has announced the release of 37.5 million shares, with hopes its initial public offering will raise $7.5 million.
The company – which provides flat-fee brokerage and a social network for investors – has issued 37.5 million shares at $0.20 per share, and will open an IPO with a minimum subscription of $5 million.
It says it is at the cutting edge of integrating artificial intelligence and cloud computing with investing and that an IPO will allow it to boost its “marketing and advertising” efforts.
“With our two-tier offering, targeting the country’s growing number of self-directed investors, we are uniquely positioned at the forefront of this second evolution with our differentiated technology portal,” said SelfWealth founder Andrew Ward.
The announcement follows a deal signed with established regtech provider BGL aimed at the self-managed super market.