NAGA is heading to the US.

The fast-growing, Hamburg based social trading focused NAGA Group AG which operates Cyprus-based, CySEC licensed, has announced that it is planning an initial public offering (IPO) and an associated listing on the US technology exchange NASDAQ for 2022. NAGA said that its NASDAQ IPO and listing in the US could be completed as early as the second half of 2022, subject to market conditions and other conditions.

At the same time, NAGA announced that its direct business relationships in regards to regulated activities with UK-based customers of the companies within the group are to be terminated in the course of December. The UK’s Financial Conduct Authority are aware of this change. The move was apparently made as hard Brexit rules come into force, with exceptions for EU licensed firms to do business in the UK terminating at the end of 2021. NAGA didn’t say what impact, if any, this would have on its business.

An “IPO” for NAGA is something of a misnomer, as the company is already publicly traded in Frankfurt (ETR:N4G), now trading at a valuation of €331 million (USD $372 million) after its shares rose by 92% year-to-date in 2021. However NAGA expects the US listing will give it access to a much broader group of investors, and to further significantly strengthen its profile on the capital market. It should also make trading in its shares more liquid, on the more-active NASDAQ.

NAGA Group share price, 2021 year-to-date. Source: Google Finance.

NAGA added that for the financial year 2022, the company expects consolidated sales of €95 million to €105 million, which corresponds to an approximately doubling of the sales planned for 2021, as well as EBITDA of between €25 million-€30 million. For its most recent quarter (Q3-2021), NAGA reported record Revenue of $21 million and EBITDA of $5.2 million.

NAGA has raised more than €64 million in capital in a series of offerings during 2021.