Treasure Global, which provides an e-payment app in Malaysia that offers instant rebates, raised $8 million by offering 2 million shares at $4, the low end of the range of $4 to $6. The company offered 0.5 million more shares than anticipated. It originally planned to offer 3 million shares at $4 to $6 before cutting the share offering to 1.2 million in July, then increasing it to 1.5 million earlier this month.
Treasure Global's e-payment application, ZCITY App, is designed to offer consumers and merchants instant rebates and affiliate cashback programs, while providing a streamlined e-payment solution with rebates in both e-commerce (online) and physical retailers/merchant (offline) settings. The app launched in Malaysia in June 2020, and as of July 31, 2022, it had over 2.0 million registered users and nearly 2,000 registered merchants.
Treasure Global plans to list on the Nasdaq under the symbol TGL. EF Hutton acted as sole bookrunner on the deal.
