Singapore fintech Nium, which earlier this month announced plans to list on the New York Stock Exchange (NYSE) by 2Q2025, is eyeing a secondary listing on the Singapore Exchange (SGX), says its co-founder and chief operating officer to The Edge Singapore.
The primary listing will be in the US “just because of the depth of the market”, says Pratik Gandhi in an interview.
That said, these are “initial thoughts” and the secondary listing “will eventually depend on the advice that Nium gets from investment bankers”, says a Nium spokesperson in a subsequent statement to The Edge Singapore.
At the opening of its Singapore headquarters on July 3, Nium’s chief executive officer Prajit Nanu told reporters that the company aims to break even within 12 months and turn profitable before going public. The company’s other headquarters is located in San Francisco.
“I’m not saying we are going to be crazily profitable,” says Gandhi to The Edge Singapore. “But we want to be able to do a lot of our investments leading up to a year from now. So after this, the investment stage can slightly taper off and we can start to show the profits for it.”
Nium, which helps companies handle payments, says it grew net revenue 2.7 times y-o-y to US$82 million ($108.36 million) in 2022 and its payout network supports 100 currencies and spans more than 190 countries.
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Backed by GIC and Temasek, Nium became Southeast Asia's first B2B payments unicorn following a US$200 million round in July 2021. The fintech company doubled its valuation to US$2 billion following the close of its Series D round in early-2022.
Formerly known as Instarem, the company has raised some US$300 million in total. Temasek is reportedly Nium’s largest shareholder, owning more than 20% of the company together with its unit Vertex Holdings, according to a spokesperson for the fund.
Nium, however, declined to disclose its shareholders’ stakes.
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From some 90 staff in Singapore today, Nium aims to hit a staff count of 300 “over the next couple of years”, says Gandhi. Among Nium's nearly 400 clients are Thailand commercial bank Kasikornbank and Singapore Telecommunications (SingTel).
CEO Nanu first spoke about a secondary listing in Singapore in July 2021. In an interview with Bloomberg then, he revealed that the company was planning to pursue an IPO in the US “in 18 to 24 months”.
