Malaysia’s MOL Global files for US$300m IPO.

0

Malaysia’s MOL Global files for US$300m IPO.

Online payment company MOL Global Inc, majority-owned by Malaysian billionaire Vincent Tan, has recently filed with US regulators in order to raise a total amount of $300 million in an initial public offering of American Depositary shares.

MOL.

Money online, or MOL for short, has decided to expand into the Southeast Asia areas and plans to tap into Malaysian government’s push to drive payments in prepartatino for a new consumption tax that launching during the next year.

As one of Malaysia’s richest men who made a fortune running businesses from lotteries hotels, Tan, owns over 69.3 percent stake on the company.

MOL, which has been acquired by Friendster inc, one of the earliest social networking sites, during 2009 to boost its online range, stated during January it process annual payment volume of over half a billion US dollars.

MOL is one of the largest e-payment enabler for online good and service within Southeast Asia by payment volume, according to market research firm Frost & Sullivan. MOL is also present in India and Australia. It turned its focus towards the US and Brazilian markets by taking up a majority stake in Silicon Valley-based e-payment company Rixity Inc during 2012 for an undisclosed amount.

The company has reported a revenue of RM171.5 million during 2013, a 79.4 percent rise from the previous year.

 MOL own profits have soared up to RM 18.7 million during 2013 from 6 million a year earlier.

Citigroup, Credit Suisse, Deutshe Bank Securities and UBS Investmetn Bank are underwriting the IPO, the Malaysian-based company told the US Securities and Exchange Commission on in a preliminary prospectus.

The company said it intends to use the proceeds from the offering to repay debt and for general corporate purposes.

Read Next:E-commerce RedMart Secures $23 Million Funding.

 

Like What Your Reading? Subscribe For A Free Monthly News And Event Update in Asia! Please Share!

Share.

About Author

Kevin C is passionate for tech world wide. He was apart of Qbox media and currently is apart of a UX firm based in Hong Kong.

Asia Tech Hub @Copyright 2014