Society Pass founder, chairman and CEO Dennis Nguyen
Society Pass, a Vietnam-based data-driven loyalty platform, will launch an IPO on the Nasdaq Capital Market on October 8.
The company will trade under the ticker symbol SOPA.
According to information on its listing prospectus filed on Monday, October 4, the company will offer 2.9 million shares of its common stock.
The public offering price of the shares is assumed to be US$9, with the midpoint of an estimated price range of US$8-10.
According to a Dealstreet Asia report, the company can generate net proceeds of approximately US$23.3 million. The total proceeds could reach nearly US$27 million. It will use the money to expand the platform through acquisitions of regional e-commerce firms and applications.
Upon completing the offering, Society Pass founder, chairman and CEO Dennis Nguyen will own 72.6 per cent of voting stock.
“We are immensely proud to be the first Vietnamese-owned, Vietnam-based company to complete a traditional IPO on a stock market outside of Vietnam. As an acquisition-led technology company, this milestone marks the beginning of our next phase of growth. Our IPO on Nasdaq and access to public markets will allow us to connect investors to one of the fastest-growing retail e-commerce opportunities in Southeast Asia,” said Nguyen in a press statement.
Maxim Group LLC is acting as the sole book-running manager for the offering.
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Before the announcement of this IPO, in September, Society Pass announced the closing of its Series C funding round with details of the money raised and the investors involved undisclosed.
In June, the company acquired Vietnam’s luxury e-commerce brand Leflair after it filed for bankruptcy in 2020 and relaunched it a few days ago.
Before the acquisition, Leflair generated over US$10 million in sales y-o-y and was ranked amongst the top five e-commerce platforms in the country.
In addition to Leflair, Society Pass also runs two businesses: its online ordering and loyalty platform SoPa and POS service provider for merchants #HOTTAB.
More on this story as it develops.
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Image Credit: Society Pass
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