ASX wannabe fintech AXS Group has slashed the size of its initial public offering in half and pushed its targeted date for listing out to February.

The company, which would trade under the code AXS, originally launched a $7 million IPO back in September; then, it was aiming to hit the ASX by November 28, by selling 26 million shares at 25c each.

But by December 17, it had only received applications for 1.4 million of those shares.

So, it drafted up and released a supplementary prospectus, released December 17, slashing the shares on offer to just 14 million, in the hope it can hit $3.5 million in funding, for a February 28 listing.

The minimum subscription, which is just $3 million, must be achieved by April 17.

AXS Group followed up the replacement prospectus with a “key market update” on its website on December 19, letting would-be investors know that the offer is now open until February 20.

“The ASX sought changes to our offer that required the AXS Group to issue a new supplemental prospectus on 17 December 2018 given the vendors no longer obtain cash in the deal and will take up more shares given the organic growth in sales revenue,” chairman David Grey told Stockhead.

“The vendors will control between 57% to 58% depending on the minimum raise of $3M or maximum raise of $3.5M and will be escrowed for 24 months.”

The company is a global software provider, aiming at helping its clients process their assets more efficiently.

It has its roots in a consulting business founded in 1991 that offered financial services providers an all-in-one software package to manage complicated investment relationships such as loans and share portfolios.

AXS Group was incorporated in 2016 for the sole purpose acquiring Axcess Consulting and listing on the ASX, though that is yet to be achieved.

The company made a thin $81k profit in 2015, but posted a $1.2 million loss for the 2017 financial year and at the halfway mark of the 2018 financial year — the prospectus was released so long ago it hadn’t finalised its full-year accounts — it had lost $328,000.

But it banked revenue of $1.5 million in that time.

Stockhead has reached out to AXS Group for comment.