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BUSINESS

Treasure global announces upsized IPO pricing, Nasdaq listing

11/08/2022 02:33 PM

KUALA LUMPUR, Aug 11 (Bernama) -- Treasure Global Inc (TGI) has announced the pricing of its upsized initial public offering (IPO) of 2,000,000 shares of its common stock at a public offering price of US$4 (US$1=RM4.44) per share.

In a statement today, TGI, which is an innovative Malaysian e-commerce platform, said the shares are expected to begin trading on the Nasdaq Capital Market on Aug 11, 2022, and the offering is expected to close on or about Aug 15, 2022, subject to satisfaction of customary closing conditions. 

 “The upsized IPO is for aggregate gross proceeds of approximately US$8.0 million before deducting underwriting discounts, commissions, and other offering expenses,” it said.

TGI has granted the underwriters a 45-day option to purchase up to an additional 300,000 shares of common stock at the public offering price per share, less the underwriting discounts and commissions, to cover over-allotments if any.

The company intends to use the net proceeds from the offering primarily to increase its capitalisation and financial flexibility, in addition to working capital and general corporate purposes.

EF Hutton, a division of Benchmark Investments, LLC, is acting as sole book-running manager for the offering.

-- BERNAMA

 


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