Bogd FT, a retail and commercial bank operating across Mongolia, has filed with the SEC to raise up to $31 million in an initial public offering, potentially becoming the first Mongolia-based company to list on a major US exchange.

The bank plans to offer 6.3 million shares at a proposed price range of $4 to $6. At the midpoint, the offering would raise approximately $31 million and give Bogd FT a market value of about $301 million.

Bank Serves Retail and Commercial Customers

Founded in 2014, Bogd FT provides a broad range of financial products and services to retail customers, small and mid-sized enterprises and mid-market corporate clients throughout Mongolia.

Its offerings include loans, deposits, international remittances, foreign exchange, insurance brokerage, financial leasing and letters of credit. The bank also provides specialized banking solutions for agricultural and rural customers.

Bogd FT operates 17 branches, including 15 in Ulaanbaatar, as well as eight ATMs. Its physical network is complemented by call centers and internet and mobile banking platforms, allowing the bank to serve customers through both traditional and digital channels.

$301 Million Proposed Market Value

Bogd FT generated approximately $21 million in revenue for the 12 months ended December 31, 2025. At the midpoint of its proposed IPO range, the bank would command an estimated market capitalization of approximately $301 million.

The company filed confidentially on March 20, 2026 and now plans to list on the NYSE American under the symbol BOGD. D. Boral Capital is serving as the sole bookrunner for the offering.

Mongolia’s Economy Provides a Favorable Backdrop

Bogd FT’s proposed listing comes as Mongolia’s economy continues to benefit from strength in its mining sector. The country’s economy recorded 7.7% year-over-year GDP growth during the first half of 2026, exceeding World Bank forecasts.

Higher copper prices have provided additional support for Mongolia’s sizable mining industry, an important component of the country’s broader economic activity. Stronger economic growth could create opportunities for financial institutions serving consumers, businesses and sectors connected to Mongolia’s resource economy.

First Mongolia-Based Company on a Major US Exchange

The proposed NYSE American listing would represent a significant milestone for Mongolia’s capital markets. If completed, Bogd FT would become the first-ever Mongolia-based company to list on a major US exchange.

The listing could increase the bank’s international visibility while giving US investors direct access to a financial institution operating in Mongolia’s developing economy. However, the bank will also face the challenges associated with operating in a smaller emerging market, including exposure to economic cycles, commodity prices and the broader financial environment.

IPO Could Put Mongolia on the US Investor Map

Bogd FT’s planned $31 million IPO is relatively small by US market standards, but its significance extends beyond the size of the offering. A successful listing would establish a new connection between Mongolia’s financial sector and US public markets.

With $21 million in recent annual revenue, a nationwide branch network and exposure to a rapidly growing economy, Bogd FT offers investors a relatively direct way to participate in Mongolia’s financial sector. The key test will be whether the bank can convert that market opportunity into sustained growth while attracting sufficient investor demand for its proposed US listing.