Suke, which operates the over-the-top shopping channel SUKE TV in Malaysia, filed on Tuesday with the SEC to raise up to $10 million in an initial public offering.
The Kuala Lumpur, Malaysia-based company plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Suke would command a market value of $121 million.
The company offers SUKE TV, a celebrity-driven 24/7 free-to-air and over-the-top shopping channel in Malaysia. The platform connects merchants, the majority of which are celebrity-owned small and micro enterprises, to sell their products and services to primarily Bahasa-speaking customers. SUKE TV had approximately 1 million unique TV viewers within the first three months of its broadcasting debut in April 2022. The company also has a partnership network, with exclusive rights to stream SUKE TV-produced content on iQIYI, which it believes will provide opportunity for expansion beyond Malaysia.
Suke was founded in 2021 and booked $3 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol SUKE. The company filed confidentially on September 20, 2023. Revere Securities and Pacific Century Securities are the joint bookrunners on the deal.
