Society Pass, which acquires and operates e-commerce platforms in South Asia, announced terms for its IPO on Monday.
The Carson City, NV-based company plans to raise $26 million by offering 2.9 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Society Pass would command a market value of $188 million.
Society Pass acquires and operates e-commerce platforms through its subsidiaries, which form the Society Pass Group. The Group currently markets to both consumers and merchants in Vietnam while maintaining an administrative headquarters in Singapore. Post-IPO, the company intends to expand its e-commerce ecosystem throughout the rest of SEA and South Asia with a particular focus on the Philippines, Indonesia, India, and Bangladesh.
Society Pass was founded in 2018 and plans to list on the Nasdaq under the symbol SOPA. Maxim Group LLC is the sole bookrunner on the deal.
