Malaysian media company Suke more than doubles shares offered ahead of $15 million US IPO
IPO Overview
Suke, which operates the over-the-top shopping channel SUKE TV in Malaysia, raised the proposed deal size for its upcoming IPO on Friday.
The Kuala Lumpur, Malaysia-based company now plans to raise $15 million by offering 3.8 million shares at a proposed price of $4. The company had previously filed to offer 1.5 million shares at a range of $4 to $5. At the midpoint of the revised deal size, Suke will raise 122% more in proceeds than previously anticipated and command a market cap of $104 million.
The company offers SUKE TV, a celebrity-driven 24/7 free-to-air and over-the-top shopping channel in Malaysia. The platform connects merchants, the majority of which are celebrity-owned small and micro enterprises, to sell their products and services to primarily Bahasa-speaking customers. SUKE TV had approximately 1 million unique TV viewers within the first three months of its broadcasting debut in April 2022. The company also has a partnership network, with exclusive rights to stream SUKE TV-produced content on iQIYI, which it believes will provide opportunity for expansion beyond Malaysia.
Suke was founded in 2021 and plans to list on the Nasdaq under the symbol SUKE. Blue Diamond Securities of America is the sole bookrunner on the deal.
About the Company
We believe we are one of the fastest growing media and entertainment networks in Malaysian history in terms of viewership, with approximately 1,000,000 unique TV viewers tuning in from across Malaysia within the first 3 months of our broadcasting debut in April 2022 according to Nielsen Audience Measurement Sdn. Bhd., a third-party organization （“Nielsen”）。 Our platform connects merchants, the majority of which are celebrity-owned small and micro enterprises, to sell their products and services to primarily Bahasa-speaking customers, a region-wide audience of potentially 100 million across Malaysia, Indonesia, Singapore, and Brunei. We pioneered SUKE TV, a celebrity-driven 24/7 free-to-air and over-the-top （“OTT”） shopping channel in Malaysia. It offers a holistic, one-stop platform that includes full in-house media content production, custom program development, logistics and delivery, and advertising services, driven by a full service e-commerce platform, OTT video streaming （available on the iQIYI platform）， live video commerce and experiential shopping, accessible through both TV and digital mediums.