German fintech startup Naga finalizes IPO

German fintech startup Naga Group AG, which boasts investment by Chinese conglomerate Fosun, completed its initial public offering in the Frankfurt stock exchange segment "Scale" on Monday, seeing its price jump 157 percent on the first trading day.

Founded in August 2015, Naga specializes in disruptive trading technologies in the financial sector and is the owner of SwipeStox, a popular mobile-centric application for social trading. Fosun and its subsidiary, Hauck & Aufhauser – a private bank based in Germany, invested in Naga's 12.5-million-euro ($14.3 million) series A financing this March.

The total issue volume of the offering was 2.51 million euros. Strong investors' interest propelled Naga's price to surge from 2.6 euros to 6.7 euros per share on Monday. After this IPO, Fosun and Hauck & Aufhauser have become Naga's largest shareholder.

"Naga's pioneering technology aims to revolutionize the traditional banking sector through disruptive technology," said Guo Guangchang, chairman of Fosun Group. "This strategy is also aligned with Fosun's mission to revolutionize traditional sectors, such as health and leisure through our own ecosystem of world-class companies, financial technology and artificial intelligence."

Benjamin Bilski, Founder & Member of the Board of Naga Group, said the listing allows the company to offer more transparency and to gain more credibility amongst its investors and users.

As of Dec 31, 2016, Fosun's total assets exceeded 480 billion yuan ($70 billion). Over the past few years, it has invested extensively worldwide with the total investment amount expected to reach $50 billion.