Synagie Corp eyes net proceeds of $9.8 mil from Catalist IPO at 27 cents per share
By: Stanislaus Jude Chan
30/07/18, 04:55 pm
SINGAPORE (July 30): E-commerce solutions provider Synagie Corporation has launched its initial public offering (IPO) to list on the Catalist board of the Singapore Exchange (SGX), with a total of 43 million invitation shares offered at 27 cents apiece.
Some 3.8 million shares will offered via the public tranche, while the remaining 39.2 million shares will be available by way of placement. The invitation shares will represent 16.4% of Synagie’s post-invitation share capital of 261.7 million shares.
Post-IPO, Synagie is expected to have a market capitalisation of approximately $70.7 million. The invitation is expected to raise approximately $11.6 million in gross proceeds, and around $9.8 million in net proceeds.
Synagie says the net proceeds will be used for business expansion, including penetrating new geographical locations, investments in information technology capabilities, mergers and acquisitions, and working capital.
Founded in 2014, the group helps traditional businesses to shift their businesses online by providing end-to-end commerce enablement and fulfilment solutions, including e-logistics and insurtech.
Its clients leverage on the cloud-based Synagie Platform, which utilises technologies such as Artificial Intelligence and Big Data analytics, to manage multi-channel business processes and sales for both online and offline channels.
These clients, or brand partners, also use Synagie’s ecosystem to their distribute products and services on online marketplaces such as Lazada and Qoo10.
Synagie says it currently serves more than 250 brand partners in the Body, Beauty and Baby (BBB) sector, including Johnson & Johnson, Kimberly-Clark, and Shiseido.
The group saw its revenue more than double to $8.0 million in FY17, from $3.7 million in FY16, on the back of growth in its e-commerce and e-logistics business segments.
However, Synagie saw its FY17 loss before income tax widen to $3.4 million, falling 49% from a pre-tax loss of $2.3 million in FY16, as gross profit margin contracted 3.9 percentage points to 21.9% in FY17. The FY17 loss includes expenses incurred in connection to the IPO as well as finance costs related to the group’s convertible notes, which were fully converted.
More details in
https://www.theedgesingapore.com/synagie...ents-share
Website :
https://synagie.com/