Treasure Global, which provides an e-payment app in Malaysia that offers instant rebates, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at the same range. At the revised terms, Treasure Global will raise -60% less in proceeds than previously anticipated.
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.
Treasure Global was founded in 2017 and booked $77 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol TGL. EF Hutton is the sole bookrunner on the deal.
