Vietnam-based data-driven loyalty platform Society Pass (SoPa), which recently closed a Series C funding round, has filed for an initial public offering (IPO) on the Nasdaq Stock Market.

The company is offering 2.9 million shares at a price range of $8 to $10. At the mid-range, this puts the IPO at around $26 million at a $188 million valuation.

It plans to list on the Nasdaq Stock Market under the symbol ‘SOPA’ with Maxim Group LLC as the sole bookrunner, according to its filing with US Securities and Exchange Commission on Monday.

“The principal purposes of this offering are to increase our capitalization and financial flexibility, increase our visibility in the marketplace and create a public market for our common stock,” the company said in the prospectus.

As of the date of this prospectus, the company said it cannot specify with certainty all of the particular uses for the net proceeds. However, it currently intends to use the net proceeds to hire additional employees, and for general corporate purposes, as well as funding certain acquisitions of e-commerce companies in the F&B, beauty, and travel industries in Southeast and South Asia.

Society Pass is a loyalty and data marketing ecosystem in Vietnam that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It seamlessly connects consumers and merchants across multiple product and service categories fostering organic loyalty.

In an earlier statement last Friday, Society Pass announced it has closed a Series C funding round. With the new funds, the company said it will look to accelerate its growth and acquisition strategy in Southeast and South Asia, particularly acquiring companies with existing user and merchant bases that can be quickly plugged into the Society Pass ecosystem.

“Society Pass’s success up to this point has been built through offering unique value for both consumers and merchants, along with the infrastructure supporting that exchange. This new funding will allow us to replicate our success in our target markets and our ongoing aggressive M&A initiatives in the pipeline,” Society Pass Founder, Chairman, and Chief Executive Officer Dennis Nguyen said.

Since its launch in 2019, Society Pass has amassed over 1.5 million registered users and over 3,500 registered merchants and brands.

Society Pass said its customer loyalty and analytics platform has onboarded hundreds of thousands of registered consumers. Society Pass provides merchants with – an online commerce platform for users, alongside with #HOTTAB Biz – a convenient order management app for business partners on, and #HOTTAB POS – a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user’s profile analytics, and convenient financial support packages for small and medium-sized enterprises.

Vietnam merchant platform KiotViet raises $45M in Series B funding round led by KKR