Singapore e-commerce enabling startup Synagie Corporation made its debut on the SGX Catalist at S$0.265 per share, a little lower than its S$0.27 target price, before closing at S$0.28 on Wednesday. This pegs Synagie’s market capitalisation at about S$71 million ($52 million).

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.”

Synagie’s listing follows Ayondo, a Singaporean fintech firm, which made its market debut in May. Ayondo was the first fintech firm to be listed on the Singapore Exchange (SGX).

According to an official statement, Synagie’s listing brings the number of firms on the Catalist to 210, with a combined market capitalisation of over S$100 billion ($73 billion). SGX currently has a technology cluster of more than 70 companies, with a combined market capitalisation of over S$70 billion ($51 billion).

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.”

Synagie was targeting to raise gross proceeds worth S$11.6 million ($8.51 million) by selling 43 million shares at S$0.27 per share. According to an announcement, 3.8 million shares will be offered via the public tranche while the remaining 39.2 million shares will be available by way of placement.

Synagie has said it plans to use the proceeds to enter new markets, IT investments and mergers and acquisitions.

Founded in 2015, Synagie provides e-commerce solutions for businesses in the consumer sector. Synagie currently has over 200 consumer brands partners in Southeast Asia, helping them to sell their goods and services on and offline. Some of its clients include Johnson & Johnson, Kimberly-Clark and Shiseido.

Synagie also has a cloud-based platform which taps on AI and big data to help users automate their commerce process. This takes place through the e-commerce value chain from first order to final delivery.

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