PETALING JAYA: Malaysian e-commerce platform Treasure Global Inc (TGI) has announced the pricing of its upsized initial public offering (IPO) of 2 million shares at US$4 per share, for aggregate gross proceeds of US$8 million before underwriting discounts, commissions, and other offering expenses.
In addition, TGI has granted the underwriters a 45-day option to purchase up to an additional 300,000 shares of common stock at the public offering price per share, less the underwriting discounts and commissions to cover over-allotments, if any.
The shares are expected to begin trading on the Nasdaq Capital Market today under the ticker symbol “TGL” and the offering is expected to close on Monday.
The company intends to use the net proceeds from the offering primarily to increase its capitalisation and financial flexibility, in addition to working capital and general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC is the sole book-running manager for the offering.
