Singaporean technology company Skubbs (SKUB.US) raised the scale of its IPO and raised capital by 178% to US$25 million

Zhitong Finance App learned that Singaporean app development and platform advertising service provider Skubbs Holdings raised its IPO distribution scale last Friday. The company currently plans to issue 5 million shares at a price of $4.50 to $5.50 per share (20% of which is a secondary issue) to raise $25 million. Previously, the company applied to issue 2 million shares at a price of 4 to 5 US dollars per share. Based on the midpoint of the revised price range, the capital raised by Skubbs Holdings will increase by 178% compared to previous expectations, and the market value will reach $78 million.

Through its operating subsidiary in Singapore, the company derives revenue from two major business lines: IT solutions, including development, maintenance and support services for web and mobile applications; and platform advertising services, which are provided through its online marketplace Dee-Market, which was launched in 2022. Since its inception, Skubbs has developed more than 800 mobile and web applications for customers in various industries such as healthcare, technology, and financial services.

Skubbs Holdings was founded in 2013 and achieved $3 million in revenue within the 12 months ending December 31, 2025. The company plans to list on the NASDAQ or the US board of the New York Stock Exchange under the symbol SKUB. Blue Diamond Securities of America was the sole underwriter for the deal.