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Singapore-based e-commerce platform WeBuy Global prices US IPO at $4, the low end of the range

October 19, 2023

WeBuy Global, which provides an e-commerce platform for grocery and travel in Singapore and Indonesia, raised $15 million by offering 3.8 million shares at $4.00, the low end of the range of $4.00 to $4.50. The company offered 0.3 million more shares than 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 plans to list on the Nasdaq under the symbol WBUY. EF Hutton acted as sole bookrunner on the deal.