E-commerce solutions firm Synagie opens in Catalist debut at 26.5 cents a share

Mr Clement Lee, chief executive officer of Synagie Corporation, with executive directors (from right) Zanetta Lee and Olive Tai.
Mr Clement Lee, chief executive officer of Synagie Corporation, with executive directors (from right) Zanetta Lee and Olive Tai.PHOTO: SYNAGIE CORPORATION LTD

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.