Society Pass, a Vietnam-based tech firm incorporated in the US, announced that its shares have been approved for listing on the Nasdaq.
Dennis Nguyen, founder, chairman, and CEO of Society Pass / Photo credit: Society Pass
The Ho Chi Minh City-based company announced the pricing of its US$26 million initial public offering (IPO) of 2.8 million shares at US$9 apiece. The shares will trade under the ticker “SOPA” on the Nasdaq starting Tuesday.
Society Pass will become the first Vietnamese company to complete a traditional listing on a stock market outside of its home country, the company said in a statement.
“As an acquisition-led technology company, this milestone marks the beginning of our next phase of growth as we expand beyond Vietnam into other parts of Southeast Asia with particular focus on the Philippines and Indonesia,” said Dennis Nguyen, founder, chairman and CEO of Society Pass.
The company, incorporated in Nevada, had primarily focused on Vietnam so far.
However, the company’s stock market debut could be overshadowed by lawsuits against the firm as well as Nguyen. The company had mentioned these lawsuits in its IPO prospectus, which included a lawsuit filed by ex-employees as well as one by early-stage venture capital firm SOSV.
In June, Society Pass bought Vietnam-based ecommerce brand Leflair, which it recently relaunched in Vietnam to target online consumers who want to buy premium products at discounted prices.
See also: Lessons from the fall of luxury e-tailer Leflair
The company claims to have accumulated a user base of over 1.5 million registered users and more than 3,500 registered merchants and brands since 2019.
Editing by Collin Furtado and Arpit Nayak
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