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Futu SG (moomoo) To Lead iWOW’s Capital Raising, Is The First Digital Brokerage To Be Main Placement Agent & Underwriter For SGX Listings

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DigitalCFO Newsroom | 8 April 2022

iWOW appointed fast-growing fintech firm, Futu SG (moomoo), to be main IPO placement agent, in what is considered the first digital brokerage to be given this role for a company listing on SGX.

  • iWOW, maker of Singapore’s TraceTogether token, to list on SGX, launches public offer at S$0.25 per share
  • Singapore-based IoT technology provider, iWOW to raise S$6.5 million in new capital to fund expansion of its portfolio of smart city solutions in upcoming listing on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST)

iWOW (SGX:NXR), maker of Singapore’s TraceTogether token, has today launched a public offer at S$0.25 per share and has selected Futu Singapore (Futu SG) (moomoo) to lead the Initial Public Offering (IPO) bookbuilding and shares issuance in conjunction with iWOW’s upcoming listing on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST). Futu SG is a wholly-owned subsidiary of the Tencent-backed and Nasdaq-listed Futu Holdings.

The subscription of the shares will close on 12 April 2022. iWOW’s listing is expected to be on 14 April 2022, and it intends to use the proceeds from the targeted S$6.5 million in new capital to be raised 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.

iWOW Technology Limited is a home-grown 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.

Megatrends Driving iWOW’s Portfolio Of Innovative Smart City Solutions

iWOW’s IoT solutions include:  TraceTogether Token which is a key part of Singapore’s Covid-19 contact tracing capability, Electronic Monitoring Solution which is used by the Singapore Government for electronic supervision of persons-of-interest as part of law enforcement, Alarm Alert Solution that has been deployed in homes of elderly residents enabling them to call for help when in distress; last but not least, iWOW’s award-winning Smart Metering Solution that not only automates meter reading and billing processes for utility companies, but also helps environmentally-conscious businesses reduce cost by detecting unconscious waste in their water as well as electricity consumption.

“iWOW is more than a technology provider. It is a company that serves a bigger purpose by enabling all of us to live in a smarter, greener, and safer world through purpose-driven innovations,” said Mr Gavin Chia, Managing Director, Futu SG (moomoo). “We are honoured to be their working partners as they seek an IPO listing, and as they continue to leverage their capabilities to be a serious game changer in the areas and causes that matter. In this way, we are aligned based on our business vision to be challengers of the status quo in our field, and we look forward to helping them connect with investors.”

Both iWOW’s IOT solutions and Futu SG (moomoo)’s digital trading business have been experiencing consistent and robust growth, aided by pandemic-related tailwinds that have seen a retail investing boom and overall technology proliferation.

iWOW has seen its revenue increase by more than 12 times over the last three years. This remarkable growth has been driven largely by the company’s strategic focus on three megatrends of Rapid Urbanisation, Aging Population and Environmental Sustainability. With increasing digitalization, iWOW is confident that these megatrends will provide ample opportunities for the company to continue to innovate and grow. Similarly, since Futu SG (moomoo) was officially launched in Singapore in March 2021, it has received warm reception from investors. There is high-speed, high-quality expansion of the company’s business, with the scale of Singapore average client assets registering an increase of over 25.7 percent in the last quarter alone, according to the company’s latest financial results in 4QFY2021.

First Digital Brokerage To Be Main Placement Agent For SGX Listing

Futu SG (moomoo) is the first digital brokerage in Singapore to be main placement agent for a company listing on SGX, and is set to lead IPO bookbuilding and shares issuance, a role typically undertaken by traditional banks before this appointment by the homegrown technology provider. A change in tide is also emerging in capital markets, as companies now have more pathways apart from appointing a banker to tap financing or become publicly-listed.

The selection by iWOW considered how the moomoo platform has been able to effectively engage its large, growing pool of retail investors through innovative technology, creative marketing and financial education.

Singapore users of moomoo are highly engaged on the app, actively attending in-app investment-related courses, live streams of listed companies’ events, as well as analysing stocks and trends. They also interact actively with fellow users in the in-app “moo” community, which buzzes with real-time, investment-related conversations daily.

Mr. Gavin Chia, Managing Director, Futu SG (moomoo) added that the first-of-its-kind appointment in the industry is an honour, especially with the fintech firm having been in the in the Singapore market just over a year. “It is a vote of confidence in our business strategy of offering ‘high-tech and high-touch’ solutions to retail investors and corporate partners alike. We have since worked with major stock exchanges as well as financial institutions and fund houses, and are valued as a strong partner in the financial sector,” he said. “With this appointment, our team is committed to lead the marketing of iWOW’s IPO, open doors for the company to raise funds by connecting them with our large base of retail investors, help our investor community learn about iWOW’s business, as well as coordinate the efforts of other participating agents to achieve the targeted capital.”

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.

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