– Homegrown technology company, iWOW, lists on SGX Catalist Board today; with Futu SG (moomoo), its main placement agent and underwriter, announcing it has achieved an oversubscription of 4.3 times of iWOW shares.
– Futu SG (moomoo)’s innovative marketing also saw it attracting a high number of subscribers of over 1,000 who participated in the IPO via moomoo, which represents over 80% of total number of valid applicants.
SINGAPORE, April 14, 2022 /PRNewswire/ — Futu Singapore Pte. Ltd. ("Futu SG"), a subsidiary of Nasdaq-listed Futu Holdings ("Futu"), today announced that it has achieved an oversubscription of 4.3 times of iWOW shares, as the homegrown technology provider lists on the Catalist Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") today.
In what is Singapore’s maiden Catalist Board listing of the year, Futu SG (moomoo), the first digital brokerage in Singapore to be main placement agent for a company listing on SGX with iWOW’s appointment, led its IPO bookbuilding and shares issuance. iWOW, maker of Singapore’s TraceTogether token, saw its share price soared by over 10 per cent on its trading debut today, from its initial IPO price of S$0.25.
Out of a total of four exclusive placement agents, Futu SG (moomoo) achieved a high subscription number of over 1,000 applicants, representing over 80 per cent of total valid ones. This represents the highest number of subscribers for a SGX Catalist Board listing, not seen in recent years with this figure typically not exceeding 500.
At the SGX Gong Ceremony this morning (14 April, 2022), from L – R: Adrian Ho, Group Financial Controller, iWOW Technology; Gavin Chia, Managing Director, Futu SG (moomoo); Ivan Mok, CEO, Futu SG (moomoo), Soo Kee Wee, Chairman and Non-Executive Director, iWOW Technology; Raymond Bo, CEO and Executive Director, iWOW Technology
Mr. Gavin Chia, Managing Director, Futu SG (moomoo), said: "We are proud to be given this opportunity by iWOW as its main IPO placement agent in an industry-first arrangement. We would like to congratulate the iWOW team for a successful placement exercise and we wish them the very best in their expansion journey.
"We believe that the rise of digital brokerages has allowed for more avenues for the promotion of market turnover and raising of capital for IPO listings in Singapore. At the same time, our investment superapp, moomoo, allows more retail investors to capture IPO opportunities. Clients of Futu SG (moomoo) are drawn to our tech excellence, that allows them to enjoy a seamless subscription process as compared to more conventional ways such as email subscriptions, for example. Along with our innovative marketing including educational resources on iWOW’s IPO listing and its value proposition to investors, we were able to surpassed expectations, and achieved an unusually high number of subscriptions.
Many young, tech-savvy investors choose Futu SG (moomoo) as their brokerage of choice, and they are increasingly committed to grow their wealth and take charge of their financial futures. Investment super app, moomoo, is a platform for bridging of these retail investors to global equity markets, as well as facilitating effective communication between firms and its financial stakeholders.
At the SGX Gong Ceremony this morning (14 April, 2022), front row: third from L, Paul Kuo, Partner, Evolve Capital; fifth from L, Ong Leyu, Director, Equity Capital Markets, Global Sales & Organisation, SGX; Soo Kee Wee, Chairman and Non-Executive Director, iWOW Technology; Raymond Bo, CEO and Executive Director, iWOW Technology; Mah Kian Yen, Chief Technology Officer, iWOW Technology; Ivan Mok, CEO, Futu SG (moomoo); top row: first from L, Raymond Tong, Partner, Rajah & Tann
Looking ahead, Futu SG (moomoo) will also continue to grow our institutional arm to deliver a superior investing experience for both retail and institutional clients in the fast-evolving financial industry."
On top of assisting companies with pre-IPO private placements and IPO public offer, Futu SG (moomoo) provides value-added services such as in areas of planning for marketing communications, formulating targeting strategies, organising roadshows, and also negotiating on pricing with investors on behalf of the issuer.
iWOW Technology Limited is a local Internet of Things (IoT) technology provider, offering innovative smart city solutions as a service for an increasingly urbanised, aging and resource constraint world. iWOW stands for "Inspiring the World of Wireless" and the company’s deep expertise in wireless technology has enabled it to bring to market proven smart city solutions that address some of the most pressing problems faced by cities like Singapore.
iWOW intends to use the S$6.5 million proceeds from the IPO to fund the expansion of its portfolio of smart city solutions. Evolve Capital Advisory Pte Ltd is the Sponsor and Issue Manager for iWOW’s IPO.
About Futu Singapore Pte. Ltd.
Futu Singapore Pte. Ltd. (Futu SG) is a wholly-owned subsidiary of Futu Holdings Limited (NASDAQ: FUTU), which is an advanced financial technology company transforming the investing experience by offering a digitised brokerage and wealth management platform. Futu enhances the user experience with market data, news, and powerful analytical tools. Futu also embeds social media tools to provide connectivity to all users, investors, companies, analysts, media and key opinion leaders.
In Singapore, Futu Singapore Pte. Ltd. (www.futusg.com) offers investment products for trading via the moomoo platform, and it is a capital markets services licence holder regulated by the Monetary Authority of Singapore (Licence No. CMS101000).
About iWOW Technology
Established in 1999, iWOW Technology Limited ("iWOW Technology" or the "Company", and together with its subsidiaries, the "Group") is a home-grown technology provider specialising in integrated wireless IoT solutions as a service. The Group is currently focuses on becoming an integrated solutions provider in the IoT industry and aims to promote solutions for sustainable living through technologies that help businesses and nations to optimise resource allocation, provide solutions for the aging population in Singapore to help keep elderly and vulnerable communities safe and independent, provide solutions for smart city / smart nation living to address security and safety issues in countries undergoing rapid urbanisation and provide IoT solutions that are aligned with future megatrends that shape the world.
iWOW Technology currently serves various B2B customers and government agencies in Singapore. Its portfolio of smart city solutions includes the TraceTogether Token that is widely used in Singapore for Covid-19 contact tracing, as well as other wireless IoT solutions and offerings under its main two business segments of Smart City Solutions and IoT-as-a-Service.
iWOW Technology has over 20 years of experience at the forefront of wireless communications technology in Singapore. Through their continued investment in research and development, iWOW Technology has built up technological capabilities in wireless connectivity technologies. Together with its ability to customise and tailor IoT solutions ot the needs of their customers, iWOW Technology has positioned itself as a key technology enabler to its customers.
For more information, please visit https://www.iwow.com.sg/
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