SINGAPORE – Homegrown e-commerce start-up Synagie Corporation debuted trading on the Catalist board on Wednesday (Aug 8), trading at a high of $0.275 in the early morning.
The stock opened at $0.265 and hit $0.275 at about 9.08am. As at 10.46am, it was trading at $0.27 and nearly two million shares had changed hands. The firm, which made its initial public offering (IPO) at $0.27 per share, has a market capitalisation of about $71 million.
Synagie, founded in 2015, provides e-commerce solutions for businesses in the body, beauty and baby sector. It helps businesses execute their e-commerce strategies, such as by selling their goods or services to consumers online, and providing technologies to manage their multi-channel e-commerce operations.
Synagie’s cloud-based platform – which leverages technologies such as cloud computing, Big Data analytics and artificial intelligence – is said to offer end-to-end e-commerce enablement and fulfilment solutions.
To-date, the company has more than 250 brand partners, including Johnson & Johnson, Kimberly-Clark and Shiseido, which use its e-commerce solutions.
Clement Lee, chief executive officer of Synagie Corporation, said: “Being listed on the Singapore Exchange (SGX) provides us with a new platform that will give us better access to the capital markets and help enhance our position as a leading e-commerce enabler in the region.”
Mohamed Nasser Ismail, SGX’s head of equity capital market for small and medium enterprises and head of capital market development, said: “Technology in the form of e-commerce is disrupting the way consumers shop, browse and consume. We look forward to supporting the company as it looks to enhance its e-commerce platform, Big Data analytics capabilities and expand its geographical reach.”
The listing of Synagie Corporation brings the total number of companies listed on Catalist to 210, with a combined market capitalisation of more than $11 billion.
The SGX said that this listing will also strengthen the exchange’s technology cluster, which will now have a total of more than 70 companies, with a combined market capitalisation of more than $70 billion.