Malaysia's Treasure Global closes Nasdaq IPO


FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City

KUALA LUMPUR: Malaysia’s e-commerce platform company Treasure Global Inc today announced the closing of its upsized initial public offering (IPO) of 2.30 million shares of its common stock at a public offering price of US$4 per share, for aggregate gross proceeds of about US$9.2 million. (US$1=RM4.45)

The company said its common stock began trading on the Nasdaq capital market on Aug 11, 2022, under the symbol "TGL”.

"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,” said Treasure Global in a statement.

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

TGI is a Malaysian e-commerce platform providing seamless payment solutions for consumers and merchants with instant rebates and affiliate cashback programmes. - Bernama

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