Treasure Global, which provides an e-payment app in Malaysia that offers instant rebates, announced terms for its IPO on Wednesday.
The New York, NY-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Treasure Global would command a fully diluted market value of $81 million.
Treasure Global's e-payment application, ZCITY App, is designed to offer consumers and merchants instant rebates and affiliate cashback programs, while providing a streamlined e-payment solution with rebates in both e-commerce (online) and physical retailers/merchant (offline) settings. The app launched in Malaysia in June 2020, and as of March 22, 2022, it had over 1.1 million registered users and 1,900 registered merchants.
Treasure Global was founded in 2017 and booked $57 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol TGL. EF Hutton is the sole bookrunner on the deal.
