(MENAFN- Investor Brand Network) Webuy Global (NASDAQ: WBUY) , a Southeast Asian community e-commerce retailer, has closed on its initial public offering. The offering was comprised of 3,800,000 ordinary shares priced at at $4 per share. The public offering resulted in approximately $15.2 million in gross proceeds for Webuy before standard deductions and expenses. According to the announcement, Webuy also granted underwriters a 45-day option to purchase up to an additional 570,000 ordinary shares at the same price. Webuy plans to use the funds from the offering for marketing, development and business expansion purposes as well as for working capital and general corporate expenses. The shares began trading on NASDAQ on Oct. 19, 2023, under the symbol WBUY. EF Hutton, a division of Benchmark Investments LLC, acted as sole book-running manager for the offering.
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About Webuy Global Ltd.
Webuy Global is working to making social shopping a new lifestyle for consumers and to empower consumers' purchases with an efficient, cost-saving purchasing model. Webuy is committed to developing a community-oriented e-commerce platform in the southeast Asia region and transforming the e-commerce model into a community-driven experience for consumers. The company's“group buy” business model is designed to transform conventional shopping avenues, in order to achieve attractive, efficient cost savings for customers, similar to group purchases and bulk orders, without having to undertake bulk purchases individually, through a community-centric approach. The business model is also disrupting the traditional supply chain by cutting out intermediaries to provide a“farm-to-table” supply model. For more information, visit the company's website at .
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