Agape ATP, a Malaysian direct sales company offering supplements and skincare products, raised the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2023. Agape ATP is currently listed on the OTC (AATP).
The Kuala Lumpur, Malaysia-based company now plans to raise $4 million by offering 0.7 million shares at a price range of $5.50 to $6.50. The company had previously filed to offer 0.6 million shares at the same range. At the midpoint, Agape ATP will raise 22% more in proceeds than previously anticipated. The IPO float is just 1.0% of basic shares outstanding.
Because the company plans to raise less than $5 million, Agape ATP will be excluded from Renaissance Capital's 2023 IPO stats.
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 revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol ATPC. EF Hutton is the sole bookrunner on the deal.
