Starbox Group Holdings, which provides a payments app in Malaysia that offers cash rebates, raised $20 million by offering 5 million shares at $4, the low end of the range of $4 to $5.
Starbox is building a business ecosystem for micro, small, and medium enterprises in Malaysia, with cash rebates at its foundation. Retail merchants can register on the company's GETBATS website and mobile app as "merchants" to offer cash rebates on their products or services, which attracts shoppers to register as "members" in order to earn cash rebates for shopping online and offline. As of March 31, 2022, the GETBATS website and mobile app had approximately 614 thousand members and nearly 800 merchants.
Starbox Group Holdings plans to list on the Nasdaq under the symbol STBX. Network 1 Financial Securities acted as sole bookrunner on the deal.
