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Singapore-based WeBuy Global lowers share offering, changes lead bank ahead of $15 million US IPO

August 3, 2023

WeBuy Global, which provides an e-commerce platform for grocery and travel in Singapore and Indonesia, lowered the proposed deal size for its upcoming IPO on Thursday.

The Singapore-based company now plans to raise $15 million by offering 3.5 million shares at a price range of $4.00 to $4.50. The company most recently filed to offer 4 million shares at the same range. At the midpoint, WeBuy Global will raise 13% less in proceeds than 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. EF Hutton is the sole bookrunner on the deal.