Treasure Global announces upsized IPO pricing

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In a statement yesterday, TGI, which is an innovative Malaysian eCommerce platform, said the shares are expected to begin trading on the Nasdaq Capital Market on Aug 11.

KUALA LUMPUR: 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 (RM17.79) per share.

In a statement yesterday, TGI, which is an innovative Malaysian eCommerce platform, said the shares are expected to begin trading on the Nasdaq Capital Market on Aug 11.

It added that the offering is expected to close on or about Aug 15.

This is subject to satisfaction of customary closing conditions.

“The upsized IPO is for aggregate gross proceeds of approximately US$8mil (RM35.6mil) before deducting underwriting discounts, commissions, and other offering expenses,” it said, Bernama reported.

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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.

This is 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.

This will be 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.

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