Mongolia International Capital Corporation
Founded in 2005, Mongolia International Capital Corporation (MICC) is celebrated as Mongolia’s first full-service investment bank and brokerage firm.
A tripartite memorandum of understanding was signed to implement a solar energy project in Dornogovi Province
The Governor's Office of Dornogovi Province, “MICC Securities” LLC, and “Guekhen Dalai” LLC officially signed a tripartite memorandum of understanding today to cooperate on the implementation of a solar energy project.
What we do
Founded in 2005, Mongolia International Capital Corporation (MICC) is celebrated as Mongolia’s first full-service investment bank and brokerage firm.
Investment Banking
MICC provides comprehensive advisory and capital markets solutions, designed to meet the unique needs of companies and sovereigns.
Brokerage Services
Our Brokerage Division offers seamless access to Mongolian and international equity and fixed income markets, delivering tailored execution, research-driven insights, and best-in-class trading solutions.
Asset Management
Supported by a global network of leading investors and financial institutions, we provide expert portfolio management, alternative investment solutions, and comprehensive wealth advisory services.
Research & Analytics
MICC Research is dedicated to delivering timely, impartial and integrated analysis on companies, economies, market trends and ESG developments.
Track Record Highlights
Capital Raising for Select Transactions
STOREPAY
MICC acted as the underwriter to Storepay bond and raised bonds worth MNT 2 billion from retail and institutional investors on the OTC market.
- IndustryFintech
- Transaction typeBond Financing
- AmountMNT 8 billion
- Financing
- Year
M BANK
In 2022, M Bank became Mongolia’s first fully digital bank after obtaining a banking license. Wholly owned by MCS Holding LLC, the bank is building an ecosystem that maximizes customer experience by offering innovative and seamless financial and lifestyle products and services for both individuals and businesses. MICC has successfully raised MNT-denominated financing from foreign investors.
- IndustryBanking
- Transaction typeDebt Financing
- Amount
- Financing
- Year
GEM TRADE
MICC acted as the underwriter to Gemtrade bond and raised bonds worth MNT 43 billion from retail and institutional investors on the OTC market.
- IndustryDistribution
- Transaction typeBond Financing
- AmountMNT 43 billion
- Financing
- Year
DEVELOPMENT BANK OF MONGOLIA
MICC served as the financial advisor for the Development Bank of Mongolia's (DBM) successful OTC bond issuance, facilitating the launch of Mongolia’s first floating-rate bonds and attracting foreign investment in Mongolian Tugrik (MNT). The issuance raised MNT 707 billion across five trades, with MNT 219 billion from floating-rate bonds and MNT 488 billion from fixed-rate bonds.
- IndustryBanking
- Transaction typeBond Financing
- AmountMNT 707 billion
- Financing
- Year
PREMIUM PROJECT
MICC secured green financing for the Lapland Villa residential project, developed by Premium Project LLC. The project features a modern, energy-efficient building constructed with high-quality Finnish spruce wood and sustainable design solutions, setting a benchmark for eco-friendly residential developments in Mongolia.
- IndustryConstruction
- Transaction typeGreen Debt Financing
- AmountMNT 7 billion
- Financing
- Year
ULAANBAATAR CITY
As part of the Vision-2050, Mongolia's long-term development policy, initiatives were undertaken to establish reliable energy sources to meet domestic electricity demands, enhance engineering networks, and alleviate traffic congestion through infrastructure projects. To finance these objectives, public bonds were issued, MICC worked as a leading underwriter facilitating the process.
- IndustryInfrastructure
- Transaction typeMunicipal Bond
- AmountMNT 500 billion
- Financing
- Year
SKY CHARTER MONGOLIA
MICC acted as a financial advisor to Sky Charter Mongolia LLC, successfully arranging EUR 7 million in ECA financing. This funding supports the company's growth and operational development while leveraging international credit resources for local business advancement.
- IndustryAviation
- Transaction typeECA Financing
- AmountEUR 7 million
- Financing
- Year
TOSON ENERGY
Toson Energy LLC developed a 22 MW thermal power plant, leveraging coal resources from the Mogoin Gol and Ovoot deposits. The project aimed to provide electricity to the Altai-Uliastai region and thermal energy to the Tosontsengel soum center. The plant became operational by the end of 2024. MICC worked as an underwriter to secure the necessary financing for constructing the overhead power transmission line critical to the project.
- IndustryInfrastructure
- Transaction typeBond Financing
- AmountMNT 34 billion
- Financing
- Year
GOVERNMENT OF MONGOLIA
MICC advised the Government of Mongolia in finalizing an Investment Agreement with Orano Mining SAS for the Zuuvch Ovoo uranium project. The project will produce 4% of global uranium output, helping diversify Mongolia’s exports, strengthen diplomatic ties, and create approximately 700 jobs, with a total investment of US$ 1.6 billion.
- IndustryMining
- Transaction typeAdvisory Services
- AmountUS$ 1.6 billion
- Financing
- Year
DESERT SOLAR POWER ONE LLC
DSPO operates a 30 MW on-grid solar power plant in Sainshand, Mongolia, which began operation on October 17, 2020. The plant generates over 50,000 MWh of electricity annually, reducing greenhouse gas emissions by 14,994 tons and coal consumption by 6,589 tons each year. MICC played a key role in securing US$ 10 million in working capital for the project through Khan Bank.
- IndustryRenewable Energy
- Transaction typeGreen Debt Financing
- AmountUS$ 10 million
- Financing
- Year
BOGD BANK IPO
MICC acted as the sole underwriter for Bogd Bank’s IPO—the first bank IPO since the introduction of the new banking law in 2021. Established in 2014, Bogd Bank focuses on delivering value-added services through advanced technology and aims to become Mongolia’s leading digital bank, aligning with international banking standards.
- IndustryBanking
- Transaction typeIPO
- AmountMNT 31.75 billion
- Financing
- Year
ММС POLARIS
MICC secured financing from IFC for the development of the Ibis Styles Ulaanbaatar Hotel, part of the global Accor Group with over 4,100 hotels worldwide. Operated under Accor’s internationally recognized brand, the hotel introduces global hospitality standards to Mongolia and strengthens Ulaanbaatar’s capacity to serve both business and leisure travelers.
- IndustryHospitality
- Transaction typeDebt Financing
- AmountUS$ 6.5 million
- Financing
- Year
ERDENES TAVAN TOLGOI JSC
MICC served as financial advisor and underwriter for Erdenes Tavantolgoi JSC, one of Mongolia’s top five companies and the operator of the strategic Tavan Tolgoi coal deposit. MICC supported the company in raising funding to implement its 2021–2025 business expansion plan, contributing to the growth of one of the country’s most significant state-owned enterprises.
- IndustryMining
- Transaction typeBond
- AmountMNT 731.5 billion
- Financing
- Year
MONGOLIAN RAILWAY
MICC advised on the USD 283 million bond financing for the planned 415 km Tavantolgoi–Zuunbayan railway project. Designed to transport up to 15 million tonnes of coking coal annually, the railway will serve as a strategic export route from the Tavantolgoi mine to China.
- IndustryTransport
- Transaction typeDebt Financing
- AmountMNT 750 billion
- Financing
- Year
GN BEVERAGES
MICC secured financing from the U.S. International Development Finance Corporation (DFC) for GN Beverages, the exclusive bottler and distributor of PepsiCo products in Mongolia. The funding supports the expansion of the company’s bottling and warehousing facilities. MICC had previously secured GN Beverages’ first international loan of USD 6 million from the Overseas Private Investment Corporation (OPIC, now DFC) in 2009.
- IndustryBeverage
- Transaction typeDebt Financing
- AmountUS$ 7.7 million
- Financing
- Year
MONGOL MICRON CASHMERE
MICC secured financing from DFA for Mongol Micron Cashmere, one of Mongolia’s leading wool and cashmere processing companies operating since 2005. The company specializes in scouring and dehairing raw materials, supplying processed cashmere and wool to both domestic and international markets.
- IndustryWool and Cashmere
- Transaction typeDebt Financing
- AmountUS$ 6 million
- Financing
- Year
UB SONGDO HOSPITAL
MICC acted as the sole financial advisor for Ulaanbaatar Songdo Hospital, Mongolia’s first private integrated hospital. The hospital benefited from the unique expertise, advanced technology, and best practices of Bumrungrad International Hospital, a world-renowned healthcare provider, while maintaining a strong market position. MICC supported the hospital’s financing through its own capital and guided its development into Mongolia’s leading specialized surgical and medical facility.
- IndustryHealthcare
- Transaction typeRestructuring
- AmountUS$ 37 million
- Financing
- Year
News and Updates
Here you can find the latest information related to the sector, project and program updates, and organizational activities.
Weekly market news 10/06/2025
Highlights of this week’s capital market and economy.
Weekly market news 09/29/2025
Highlights of this week’s capital market and economy.
Weekly market news 09/22/2025
Highlights of this week’s capital market and economy.
Memberships
We are a licensed and regulated investment and securities firm under the oversight of the Financial Regulatory Commission of Mongolia (FRC).
As part of our commitment to industry standards and transparency, we are also a proud member of:
MSE, MASD, MCSD, MSCC
