S’pore proptech start-up Simpple eyes global expansion after US IPO
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(From left) Simpple chief technology officer Shaun Soo, chief executive Aloysius Chong, chief financial officer Chan Sok Fung, head of corporate development, partnerships and government relations Alexus Goh, chief operating officer Daryl Pat and head of sales Su Youyi.
PHOTO: SIMPPLE
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SINGAPORE – Singapore property start-up Simpple listed on the Nasdaq exchange
Founder and chief executive Aloysius Chong told The Straits Times: “We want to scale and expand our sales and marketing to overseas markets and open more satellite offices.”
The company does not have an office in the US yet but plans to expand there and to other markets, such as Australia, Hong Kong, and Malaysia. It declined to specify the number of potential new hires, but said Singapore will remain its global headquarters, where it has 35 employees.
Mr Chong said Simpple held its initial public offering (IPO) on the Nasdaq instead of in Singapore because it found the New York-based exchange to be more suitable, given its strong liquidity and the greater brand visibility it brings, which will enable the company to attract more talent.
“We do have a strong presence in Singapore, which is why (the Singapore Exchange, or SGX) was our first consideration. But for future growth plans, we think that the overseas market gives us huge potential... It will help us to reach the international market faster and recruit better talent as well,” he noted.
Mr Chong also said Simpple is open to a dual listing on the SGX in the future.
The company was founded in 2016 and provides smart facilities management solutions, including an upcoming artificial intelligence software for building maintenance, surveillance and cleaning. It serves more than 60 clients in the public and private sectors in the Singapore facilities management market.
Simpple priced around 1.6 million ordinary shares for its IPO at US$5.25 apiece. The counter started trading on the Nasdaq under the ticker symbol “SPPL”.
The company said it raised about US$8.4 million (S$11.4 million) from Wednesday’s listing, and plans to use the proceeds for overseas expansion, research and development, intellectual property strategy and implementation, and potential acquisitions and strategic investments.
Simpple shares closed down 6.67 per cent at US$4.90 on Wednesday in the US.
