Treasure Global, which provides an e-payment app in Malaysia that offers instant rebates, raised the proposed share offering for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. The company most recently filed to offer 1.2 million shares at the same range. It had originally filed to offer 3 million shares, before lowering the share offering less than two weeks ago. At the midpoint of the revised deal size, Treasure Global will raise 25% more in proceeds than previously anticipated and command a fully diluted market value of $79 million (+6% vs. most recent terms).
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 July 31, 2022, it had over 2.0 million registered users and nearly 2,000 registered merchants.
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.
