Society Pass, a Vietnamese startup that provides a data-driven loyalty programme, has raised $26 million in an initial public offering (IPO) on the Nasdaq stock exchange in the United States.
On November 9, 2021, the business began trading under the ticker code “SOPA,” with around 2.8 million shares of common stock available for $9 each. Subject to normal closing conditions, the offering is scheduled to conclude on November 12, 2021.
As a result, Society Pass has become the first Vietnamese firm to accomplish a regular stock market listing outside of Vietnam.
According to the most recent news, the company’s stock has increased by 230 percent on the Nasdaq.
“As an acquisition-led technology company, this milestone marks the beginning of our next phase of growth as we expand beyond Vietnam into other parts of Southeast Asia with particular focuses on the Philippines and Indonesia. Our Nasdaq IPO and access to public markets allow us to connect investors to some of the fastest-growing retail e-commerce opportunities in the world,” said Dennis Nguyen, founder, chairman, and CEO.
Early October was expected to be the launch date for Society Pass on the stock exchanges. It did, however, put the idea on hold for unclear reasons.
Society Pass was founded by Nguyen in 2018 and runs numerous e-commerce and leisure platforms in its core areas. Its business strategy is based on gathering user data through the distribution of universal loyalty points on a regular basis. It fosters organic loyalty by connecting customers and merchants across numerous product and service categories.
Society Pass has over 1.5 million registered users and over 3,500 retailers and brands as of September.
The company relaunched Leflair, which it purchased in June of this year after the premium e-commerce business filed for bankruptcy in 2020, two months ago. Prior to the acquisition, Leflair had produced over $10 million in sales year over year and was one of Vietnam’s top five e-commerce platforms. Society Pass’s two other current businesses, SoPa, an online ordering and loyalty platform, and #HOTTAB, a POS solution provider specializing in payment infrastructure, loyalty management, and collaborative marketing programmes for retailers, would benefit from Leflair’s inclusion.
