Innovation Investment JSC successfully raised a total of MNT 8.3 billion from the public through its initial public offering (IPO) held on the Mongolian Stock Exchange from December 4–8, 2023.
As of September 30, 2025, the utilization of the raised funds is as follows:
|
№ |
Purpose of Investment |
Share (%) |
Amount Raised (MNT) |
Amount Spent (MNT) |
|---|---|---|---|---|
|
1 |
Expansion of core operations in the cashless payment market |
22.5% |
1,871,991,911 |
139,938,166 |
|
2 |
Medium-term investment projects |
30.0% |
2,495,989,215 |
0 |
|
3 |
Improvement of technical equipment and information security infrastructure |
15.0% |
1,247,994,608 |
1,190,378,556 |
|
4 |
Payment for 9,244,458 ordinary shares owned by “KKTT” LLC |
25.0% |
2,080,003,050 |
2,080,003,050 |
|
5 |
Enhancement of human resource capacity and management skills for international expansion |
7.5% |
623,985,266 |
0 |
|
Total |
100.0% |
8,319,964,050 |
3,410,319,772 |
|
In December 2023, the company allocated 25% of the total raised funds (MNT 2.08 billion) to pay for the 9,244,458 ordinary shares of “KKTT” LLC.
Since the second half of 2024, the company has spent MNT 139.9 million on marketing and expansion activities aimed at increasing the adoption of the QPay service in the cashless payment market.
By the third quarter of 2025, Innovation Investment JSC has spent MNT 1.19 billion from the fund allocated to the improvement of technical equipment and information security infrastructure, purchasing and upgrading core system servers and related technology for the QPay payment platform.
As of today, the company has utilized 41% of the total funds raised for their intended purposes, and plans to use the remaining funds throughout 2025 and 2026 in accordance with the approved investment plan.
MONGOLIAN STOCK EXCHANGE