Malaysian rebate app Starbox sets for a $23M US IPO
Sarbox Group Holdings, which provides a payments app in Malaysia that offers cash rebates, with the app of GETBATS, filed on last Wednesday June 15th, with the SEC to raise up to $23 million in an initial public offering.
They build a cash rebate, digital advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing.
Also, they have cooperated with retail merchants, which have registered on the GETBATS website and mobile app as “Merchants,” to offer cash rebates on their products or services, which have attracted retail shoppers to register on the GETBATS website and mobile app as “Members” in order to earn cash rebates for shopping online and offline.
As of September 30, 2021, the GETBATS website and mobile app had 514,167 members and 723 merchants. In the year of 2021, it generated revenue of 3.16 million USD and left 1.44 million for Net income. 99.75% of its revenue come from digital advertising services.
The Kuala Lumpur, Malaysia-based company, now has only 17 employees, plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Starbox Group Holdings would command a market value of $203 million.
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