WeBuy Global, which provides an e-commerce platform for grocery and travel in Singapore and Indonesia, filed on Wednesday with the SEC to raise up to $16 million in an initial public offering.
The Singapore-based company plans to raise $16 million by offering 4 million shares (50% secondary) at $4. At the proposed price, WeBuy Global would command a market value of $200 million.
WeBuy is an emerging Southeast Asian community-oriented e-commerce platform with a focus on grocery and travel. Community e-commerce is a form of e-commerce where social media users with mutual interests are connected, generally according to similarity in location or online shopping preference and behavior. WeBuy currently operates in Singapore and Indonesia, and since its launch in 2019, it has served over 269,000 customers, with the help of its nearly 4,700 Group Leaders who collate and place orders.
WeBuy Global was founded in 2019 and booked $45 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol WBUY. The company filed confidentially on September 21, 2022. Univest Securities is the sole bookrunner on the deal.
