Webuy Global, a prominent Southeast Asian community e-commerce retailer trading on the Nasdaq exchange under the ticker symbol WBUY, has disclosed the pricing details of its initial public offering (IPO) today. The Company, referred to as Webuy, offered 3,800,000 ordinary shares at a public offering rate of $4.00 per share. This move is expected to yield aggregate gross proceeds of approximately $15.2 million, though this figure is before accounting for underwriting discounts and associated offering expenses. However, in the wake of this announcement, Webuy Global experienced a notable downturn in the value of its shares.
At the time of this publication, Webuy Global Ltd stock (WBUY) has witnessed a decline.
Webuy Global Ltd
Current Price: $3.26
Change : -2.08
Change (%): (-38.95%)
Volume: 1.1M
Source: Tomorrow Events Market Data
In addition to the primary offering, the Company has extended a provision to underwriters, granting them a 45-day option to acquire an extra 570,000 ordinary shares at the initial public offering price, with adjustments for underwriting discounts, to address potential over-allotments. The offering is slated to conclude on October 20, 2023, contingent upon the satisfaction of customary closing conditions.
Concurrent with the offering, Webuy secured the necessary authorization to list its ordinary shares on the Nasdaq Capital Market. Trading is anticipated to commence on October 19, 2023, under the recognizable symbol “WBUY.”
Webuy Global anticipates allocating the net proceeds garnered from this offering towards critical areas, including marketing initiatives, business development, expansion endeavors, and fortifying working capital alongside general corporate functionalities.
Facilitating this significant financial milestone, EF Hutton, a division of Benchmark Investments, LLC, assumes the pivotal role of sole book-running manager for the Offering, bringing its expertise to bear in ensuring a successful process.
As Webuy Global shares embark on their new journey on the Nasdaq Capital Market, the Company’s successful IPO marks a significant milestone in its growth trajectory.
