RegTech Open Project PLC is set to begin trading on the Main Market of the London Stock Exchange via a direct listing, with trading expected to commence on Friday. This technology company specializes in automating and optimizing regulatory compliance operations and anticipates a market capitalization of GBP60 million upon admission.
RegTech is currently owned by AvantGarde Group Spa, an Italy-based company holding 250,000 shares directly and 59.8 million indirectly through its subsidiary RegTech Italy. AvantGarde Group operates by integrating the expertise of various companies and generating strategic initiatives to assist businesses.
Of RegTech Italy’s shares, around 35% (approximately 21.0 million shares) will be admitted at a price of GBP1.00 per share.
RegTech operates the Orbit Open platform, which is designed to help customers navigate regulatory requirements and enhance compliance with application regulations and standards.
Through this initial public offering, the company aims to expand the offering of the Orbit Open platform to jurisdictions such as the UK, the US, China, and the Asia Pacific region. It also plans to develop the Orbit Open platform service model via major cloud marketplaces like Amazon Web Services, Google Cloud, and Alibaba, starting in early 2024.
Additionally, RegTech intends to make targeted opportunistic acquisitions to enhance its Orbit Open platform, particularly in the areas of “third-party risk” and “Information & Communications Technology & Cyber Risk” modules, to provide customers with a more comprehensive operational resilience framework.
The company plans to release a detailed update on its 2023 trading and operational progress in January.
By FCCT Editorial Team
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