Society Pass launches US$26M IPO on Nasdaq, shares surge 230 per cent

Society Pass founder and CEO Dennis Nguyen

Vietnamese company Society Pass, which provides a data-driven loyalty platform, has launched a US$26 million initial public offering (IPO) on the Nasdaq stock exchange in the US.

The company, which offers about 2.8 million shares of common stock for US$9 per share, started trading under the ticker symbol “SOPA” on November 9, 2021. The offering is expected to close on November 12, 2021, subject to customary closing conditions.

With this, Society Pass has become the first Vietnamese company to complete a traditional listing on a stock market outside of its home country.

The latest update is that the company’s shares surged 230 per cent on the Nasdaq.

“As an acquisition-led technology company, this milestone marks the beginning of our next phase of growth as we expand beyond Vietnam into other parts of Southeast Asia with particular focuses on the Philippines and Indonesia. Our Nasdaq IPO and access to public markets allow us to connect investors to some of the fastest-growing retail e-commerce opportunities in the world,” said Dennis Nguyen, founder, chairman and CEO.

Also Read: Society Pass acquires Vietnam’s luxury e-commerce brand Leflair that was closed last year

Society Pass was supposed to hit the bourses in early October. However, it shelved the plan for unknown reasons.

According to DealStreetAsia, the company and Nguyen were facing lawsuits from former employees, who claimed compensation and bonuses of US$690,000, besides the company shares. Society Pass, however, made counterclaims for several millions of US dollars, citing the former employees’ breach of contract.

Founded in 2018 by Nguyen, Society Pass operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the regular circulation of its universal loyalty points. It connects consumers and merchants across multiple product and service categories fostering organic loyalty.

As of September, Society Pass had had over 1.5 million registered users and over 3,500 registered merchants and brands.

Two months ago, the firm relaunched Leflair that it acquired in June this year after the luxury e-commerce brand filed for bankruptcy in 2020. Before the acquisition, Leflair generated over US$10 million in sales y-o-y and was ranked amongst the top 5 e-commerce platforms in Vietnam. The addition of Leflair complements Society Pass’s two other existing businesses: SoPa, an online ordering and loyalty platform, and #HOTTAB, a POS service provider specialising in payment infrastructure, loyalty management and joint marketing programmes for merchants.

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Image Credit: Society Pass

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