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Mongolian regulator clears IPO plan of mobile lender LendMN

Mongolia's Financial Regulatory Commission approved an IPO application from mobile lender LendMN NBFI LLC, which is seeking to raise 5 billion tugrik.

The company plans to sell 200 million shares at 25 tugrik apiece: 100 million shares each to public and strategic investors. The shares to be sold in the IPO will be equivalent to 25% of the company's paid-up capital, the company said in a Feb. 8 filing with the local stock exchange.

Mirae Asset Securities Mongolian LLC is the underwriter of the IPO.

As of Feb. 8, US$1 was equivalent to 2,405.50 Mongolian tugrik.