Suke, which operates the over-the-top shopping channel SUKE TV in Malaysia, raised the proposed deal size for its upcoming IPO on Friday.
The Kuala Lumpur, Malaysia-based company now plans to raise $15 million by offering 3.8 million shares at a proposed price of $4. The company had previously filed to offer 1.5 million shares at a range of $4 to $5. At the midpoint of the revised deal size, Suke will raise 122% more in proceeds than previously anticipated and command a market cap of $104 million.
The company offers SUKE TV, a celebrity-driven 24/7 free-to-air and over-the-top shopping channel in Malaysia. The platform connects merchants, the majority of which are celebrity-owned small and micro enterprises, to sell their products and services to primarily Bahasa-speaking customers. SUKE TV had approximately 1 million unique TV viewers within the first three months of its broadcasting debut in April 2022. The company also has a partnership network, with exclusive rights to stream SUKE TV-produced content on iQIYI, which it believes will provide opportunity for expansion beyond Malaysia.
Suke was founded in 2021 and plans to list on the Nasdaq under the symbol SUKE. Blue Diamond Securities of America is the sole bookrunner on the deal.
