Sichenzia Ross Ference Carmel LLP has advised D. Boral Capital as financial advisor. Sullivan & Cromwell has advised OBOOK Holdings Inc. on the direct listing.
OBOOK Holdings Inc., a blockchain technology company operating as the OwlTing Group, has completed a direct listing on the Nasdaq Global Market. The listing marks the first direct listing on Nasdaq for an Asia-based fintech company. D. Boral Capital served as the financial advisor for the transaction.
The company’s shares began trading on Nasdaq on October 16, 2025. The direct listing represents a significant step for OBOOK Holdings, enabling it to access the U.S. capital markets without the need for a traditional initial public offering. This transaction underscores the growing presence of fintech companies in international public markets, particularly those leveraging blockchain solutions.
Founded and headquartered in Taiwan, OwlTing operates a diversified ecosystem across payments, hospitality, and e-commerce. Its OwlPay platform offers a hybrid Web2 and Web3 payment solution to empower global businesses. The company has a presence in the United States, Japan, Singapore, Hong Kong, Malaysia, Thailand, South America, and the European Union, providing fintech, e-commerce, hospitality, and payments services to businesses and individuals with cross-border commercial activities.
Sichenzia Ross Ference Carmel LLP represented D. Boral Capital as the financial advisor, with a team led by partners Ross Carmel, Shane Wu, and Jeffrey Wofford, along with associate Catherine Wu.
Sullivan & Cromwell advised OBOOK Holdings Inc. on the direct listing, with Ching-Yang Lin, Joon Seok Hong, George Shen, and Yue Li as part of the team. Jeff Hochberg and Saul Brander advised on tax matters, while Colin Lloyd and Mario Schollmeyer provided counsel on fintech regulatory matters.
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