Singapore, Oct. 18, 2023 (GLOBE NEWSWIRE) — Webuy Global Ltd (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today announced the pricing of its initial public offering of 3,800,000 ordinary shares at a public offering price of $4.00 per share for aggregate gross proceeds of approximately $15.2 million, prior to deducting underwriting discounts and offering expenses.
In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 570,000 ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any. The offering is expected to close on October 20, 2023, subject to customary closing conditions.
In connection with the offering, Webuy has received approval to list its ordinary shares on the Nasdaq Capital Market, with the shares expected to begin trading on October 19, 2023 under the symbol “WBUY”.
Webuy expects to use the net proceeds from this offering for marketing, development and expansion of business, and working capital and general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), is acting as sole book-running manager for the Offering.