Agape ATP, a Malaysian direct sales company offering supplements and skincare products, raised the proposed deal size for its upcoming IPO on Thursday. In its latest filing, the company also disclosed financials for the six months ended June 30, 2023 and replaced EF Hutton with Network 1 Financial Securities as the sole bookrunner on the deal. Agape ATP is currently listed on the OTC (AATP).
The Kuala Lumpur, Malaysia-based company now plans to raise $7 million by offering 1.1 million shares at a price range of $5.50 to $6.50. The company had previously filed to offer 0.7 million shares at the same range. At the midpoint, Agape ATP will raise 51% more in proceeds than previously anticipated and command a market value of $459 million. The IPO float is just 1.4% of basic shares outstanding.
Agape ATP sells a variety of dietary supplements and skincare products through a direct sales model, primarily targeting distributors in Malaysia. The company also runs an advisory services center called the “ATP Zeta Health Program”, which it states is designed to promote improved health and longevity through a combination of health supplements, nutrition, and advice from nutritionists and/or dieticians.
Agape ATP was founded in 2016 and booked $2 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol ATPC. Network 1 Financial Securities is the sole bookrunner on the deal.
