WeBuy Global, which provides an e-commerce platform for grocery and travel in Singapore and Indonesia, revised the terms for its upcoming IPO on Friday.
The Singapore-based company now plans to raise $16 million by offering 4 million shares (21% secondary) at $4. The company had previously filed to offer 4 million shares (34% secondary) at the same price. At the revised terms, WeBuy Global's offering will raise the same amount in proceeds as previously anticipated.
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. Univest Securities is the sole bookrunner on the deal.
