Mandal Capital
Mandal Capital Markets LLC is a subsidiary of Mandal Financial Group LLC, a leading financial services group in Mongolia operating in the insurance and capital markets. Following a corporate restructuring in 2021, the company is ranked among the top three securities firms in Mongolia.
Operations
Mandal Capital Markets LLC opeates under a special permit issued by the Financial Regulatory Commission of Mongolia and conducts the following regulated activities:
- Brokerage services
- Underwriting services
- Investment consultancy services
Projects
As of 2025, Mandal Capital Markets LLC has successfully underwrote 41 private placement bonds, 3 asset-backed securities (ABS), and the shares of 2 companies to the public in The Primary market, raising over MNT 700 billion in total capital.
The company has facilitated efficient capital raising through the capital markets for issuing entities, enabling them to secure the financing required to expand operations and achieve sustainable growth.
At the same time, Mandal Capital Markets provides individual, corporate, and institutional investors with well-structured investment solutions, creating opportunities for effective capital allocation and enhanced returns.
- In August 2021
Actively participated in the public offering of unit rights for the “Mandal Future Growth” mutual fund, successfully raising 84% of the total offering amount, equivalent to MNT 40.0 billion.
- In October 2021
Served as a syndicate in the Follow-on Public Offering (FPO) of Erdene Resource Development Corp., a company dual-listed on the Mongolian Stock Exchange and the Toronto Stock Exchange, raising 28% of the total offering amount, equivalent to MNT 4.0 billion.
- In November 2021
Actively participated in the Initial Public Offering (IPO) of Premium Nexus JSC, successfully raising 13% of the total offering amount, equivalent to MNT 3.6 billion.
- In 2022
Acted as Lead Underwriter for the Bers Asset-Backed Securities (ABS) issuance and as Co-Underwriter for the Simple ABS issuance.
- In September 2023
Served as Lead Underwriter in the Initial Public Offering (IPO) of Monlogistics Holding JSC, raising MNT 10.9 billion.
- In November 2024
Served as Lead Underwriter in the Initial Public Offering (IPO) of Tenger Insurance JSC, raising MNT 10.0 billion.
- In 2025
The parent company, Mandal Financial Group LLC, acted as a Strategic Partner of the Asian Securities Forum organized by the Mongolian Association of Securities Dealers (MASD).