initial public offerings (IPOs) trading on American exchanges

Monday, December 18, 2017

LongFin (LFIN) started trading on the Nasdaq on 13 Dec 2017

  • Longfin, based in New York, started trading on the Nasdaq last week at $5. 
  • On Friday, the company announced it acquired another startup called that uses the blockchain ledger accounting technology from digital currencies to make small loans.
  • Longfin was only formed as a company in February, with plans to create new trading systems for financial and physical commodities, according to its filings with the Securities and Exchange Commission.
  • For the first six months of 2017, Longfin reported revenue of $28 million and net income of $2 million. The company said it acquired Stampede Tradex, a Singapore-based financial firm, on June 19.

LongFin (LFIN) describes itself as “a global fintech company providing finance and [foreign exchange] hedging solutions to importers, exporters, small and medium enterprises across the globe powered by artificial intelligence and machine learning.”

LongFin began trading on Nasdaq on Wednesday and closed at $5.15 on its first trading day. By the end of the week it closed at $39, having risen nearly eightfold.

On Monday, LongFin stock shot into the stratosphere, after it announced that it acquired, a blockchain technology provider that offers microfinance lending.

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