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Malaysian payments app Starbox Group Holdings files and sets terms for a $23 million US IPO

June 15, 2022

Starbox Group Holdings, which provides a payments app in Malaysia that offers cash rebates, filed on Wednesday with the SEC to raise up to $23 million in an initial public offering.

The Kuala Lumpur, Malaysia-based company plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Starbox Group Holdings would command a market value of $203 million.

Starbox is building a cash rebate, digital advertising, and payment ecosystem targeting micro, small, and medium enterprises in Malaysia. Cash rebates are the foundation of the business ecosystem that the company is building. It has cooperated with retail merchants, who have registered on its GETBATS website and mobile app as "merchants," to offer cash rebates on their products or services. This attracts retail shoppers to register on the GETBATS website and mobile app as "members" in order to earn cash rebates for shopping online and offline. As of September 30, 2021, the GETBATS website and mobile app had 514,167 members and 723 merchants.

Starbox Group Holdings was founded in 2019 and booked $3 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq but has yet to select a symbol (RC ticker: STBX.RC). The company filed confidentially on March 22, 2022. Network 1 Financial Securities is the sole bookrunner on the deal.