ThinkMarkets, a brokerage firm headquartered in Australia and operated by Think Financial Group Holdings Limited, is set to go public on the Toronto Stock Exchange through a merger with FG Acquisition.
As part of the reverse merger agreement, ThinkMarkets has been valued at $160 million based on a pre-money valuation, with an estimated pro forma enterprise value of around $190 million.
If the deal is approved, ThinkMarkets shareholders will hold the majority of the issued and outstanding stock.
The SPAC plans to raise $20 million through a private placement of convertible debentures.
ThinkMarkets specializes in providing retail trading services and has expanded its institutional presence through a liquidity provisioning platform launched in 2021. The recent announcement highlighted that the broker serves 138,500 clients across 165 countries. It experienced a compound annual growth rate (CAGR) of 24 percent and generated $62 million in revenue in 2022, LeapRate reports. Read more.
