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The NAGA Group is a fintech start-up with two products launched before the end of 2017: SwipeStox (securities trading and robo-advisory) and SWITEX (in-game items trading), a joint venture with Deutsche Börse AG. Named after NAGA, the strongest chili in the world, the group’s intention is to be disruptive; it believes that the open API module underpinning SwipeStox can quickly be duplicated on p2pfx (P2P FX/CFD trading) and Trafex (trading of bitcoin and real currencies) before early 2018. The IPO should enhance NAGA’s visibility and attract talent. Anticipated net proceeds of €1.7m, at an offer price of €2.6, implies 18.8x EV/sales based on 2016 consolidated financials.

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