Society Pass Incorporated (SoPa), a Vietnam-based data-driven loyalty platform, has announced the pricing of its $26 million Nasdaq initial public offering (IPO), offering 2.89 million shares of common stock at a price of $9 per share.

The shares have been approved for listing on the Nasdaq and will trade under the ticker symbol “SOPA” beginning November 9, SoPa said in a statement.

The company has granted the underwriters a 45-day option to purchase up to 433,333 additional shares at the IPO price to cover over-allotments, if any. The offering is expected to close on November 12, subject to customary closing conditions.

Maxim Group LLC is acting as the sole book-running manager for the offering.

“We are immensely proud to be the first Vietnam-based company to complete a traditional IPO on a stock market outside of Vietnam. As an acquisition-led technology company, this milestone marks the beginning of our next phase of growth as we expand beyond Vietnam into other parts of Southeast Asia with particular focuses on the Philippines and Indonesia. Our Nasdaq IPO and access to public markets allow us to connect investors to some of the fastest-growing retail e-commerce opportunities in the world,” said Dennis Nguyen, Founder, Chairman and Chief Executive Officer of SoPa.

Last month, SoPa said in its prospectus, the principal purposes of its IPO are to increase its capitalization and financial flexibility, increase its visibility in the marketplace and create a public market for its common stock.

The company 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 food and beverage, beauty, and travel industries in Southeast and South Asia.

SoPa 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.

Since its launch in 2019, it has amassed over 1.5 million registered users, served by 3,500 registered merchants and brands.

SoPa 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. All tools offered allow businesses to attract and retain customers through personalized interaction based on analytics with a high-profit margin. SoPa also operates, a Vietnam lifestyle e-commerce platform.

Vietnam loyalty platform Society Pass plans to list on Nasdaq