In the six years since its establishment, InvesCore Capital has become one of the leaders in Mongolia’s securities and investment banking industry.
In 2023, the firm accounted for $23 million in secondary market stock trading volume, ahead of all its peers, according to data from the Mongolian Stock Exchange.
It also put in a strong showing in the primary market, working as lead underwriter on the $4.3 million listing of MGL Aqua, and as co-underwriter on both the $3.1 million IPO of Monlogistics Holding and QPay creator Innovation Investment’s $2.4 million IPO.
On the debt front, it helped InvesCore’s non-banking financial unit to sell a $14.2 million bond and to issue $8.5 million in preferred stock.
The firm’s performance is well-reflected in its financials. Brokerage fees for 2023 were Tug232 million ($68,000), reflecting an impressive 219% year-over-year growth. While underwriting income fell 25% after numerous projects were delayed due to regulatory requirements, InvesCore Capital’s investment advisory income soared 140% to Tug216 million in 2023.
The brokerage house’s pipeline is strong too, with numerous over-the-counter bonds in the works.