The WeBuy team / Photo credit: WeBuy
WeBuy Global, a Singapore-based social commerce and travel platform, has made its debut on the Nasdaq Capital Market under the symbol WBUY.
The company priced its IPO of 3.8 million ordinary shares at US$4 per share, the low end of its expected range of US$4 to US$6. The offering raised about US$15 million before expenses.
It plans to use the net proceeds from the offering for product development, marketing, and expansion into new markets.
The firm closed October 25 at a share price of US$3.82, giving it a market value of US$197.9 million.
Founded in 2019, WeBuy operates a platform that connects consumers with local merchants and suppliers. It also provides group buying and social sharing services.
As of June 2023, the company has over 10 million registered users and 100,000 active merchants.
According to its May 16 prospectus, WeBuy doubled its revenue to US$44.5 million in its 2022 financial year. The company said that it generates revenue from sales of groceries through its platform and from its new business of selling packaged travel tours, which it launched last year.
Most of the company’s revenue for FY 2022 came from Singapore and Indonesia. Notably, contributions from Indonesia jumped 435.7% compared to the previous year.
WeBuy also made small improvements in net loss and loss from operations in the same period.
In February this year, the firm said it was looking to raise between US$10 million to US$20 million in an ongoing series B round as it looked to double down on the Indonesian market.
See also: WeBuy acquires Indonesian social commerce rival, starts offering travel deals
Editing by Lorenzo Kyle Subido
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