Agape ATP, a Malaysian direct sales company offering supplements and skincare products, lowered the proposed deal size for its upcoming IPO on Friday. The company is currently listed on the OTC under the symbol "AATP".
In its latest filing, Agape ATP also selected the Nasdaq as its listing exchange, changed its proposed ticker symbol from "AATP" to "ATPC", replaced bookrunner Prime Number Capital with EF Hutton, and disclosed financials for the nine months ended September 30, 2022.
The Kuala Lumpur, Malaysia-based company now plans to raise $10 million by offering 1.6 million shares at a price range of $5.50 to $6.50. The company had previously filed to offer 7.7 million shares at the same range. The IPO float now represents just 2.1% of the basic shares outstanding. At the midpoint, Agape ATP will raise 79% less in proceeds than previously anticipated.
Agape ATP sells a variety of dietary supplements and skincare products through a direct sales model, primarily targeting distributors in Malaysia. The company also runs an advisory services center called the “ATP Zeta Health Program”, which it states is designed to promote improved health and longevity through a combination of health supplements, nutrition, and advice from nutritionists and/or dieticians.
Agape ATP was founded in 2016 and booked $2 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol ATPC. EF Hutton is the sole bookrunner on the deal.
