Asian e-commerce company iBuy has successfully raised A$37 million in an oversubscribed IPO in Australia.
Funds will be used to finalise the acquisition of four e-commerce businesses – BeeCrazy.hk (Hong Kong), Deal.com.sg (Singapore), MyDeal.com.my (Malaysia) and Dealmates.com.my (Malaysia) – for a total of US$65 million.
iBuy says it aims to be the leading e-commerce company in Asean and Hong Kong, capitalising on the burgeoning e-commerce environment in that region.
“We are very excited about our prospects and will be steadfast in our vision of building an incredible e-commerce business in the high growth Asian market,” said iBuy’s CEO Patrick Linden.
The business to consumer e-commerce market has been estimated by Frost and Sullivan to have grown almost 33 per cent in the 2012. The Asia Pacific region is expected to be the fastest growing region for consumer e-commerce sales over the period 2011 to 2016, with an estimated compound annual growth rate of 24 per cent.