KUALA LUMPUR: Malaysia-owned Agape ATP Corporation, a wealth and wellness company, made its debut on the Nasdaq today as it raised about US$6.6 million from the listing.
Proceed from its initial public offering (IPO) will be used to expand its business and tap into the growing wellness market, Agape said.
"Proceeds from the IPO will be used for research and development and technological development, expanding operations into other markets, future vertical and horizontal integrations, strengthening sales and marketing of the company's products, and working capital and general corporate purposes," it said.
Agape founder and chief executive officer Datuk Seri Dr How Kok Choong is optimistic about the potential strategic investments, partnerships and joint ventures in the near future, thanks to the resources from the listing.
It plans to establish a wellness hub in Bali, Indonesia within six to 12 months.
Agape has initiated talks with the Indonesian government to make it happen.
"The demand in the market there is burgeoning. We have spoken to the Indonesian government, we are in the planning phase at the moment," How told reporters after the listing here today.
The global health and wellness industry, valued at over US$4.1 trillion in 2020, is expected to grow at a steady rate of 5.0 per cent annually from 2021 to 2031, as per the Global Wellness Institute.
The Nasdaq listing positions Agape to expand internationally and support local small-medium enterprises (SMEs), said How.
The company wants to tap on the growing health and wellness market and plans are in place for the next five to 10 years.
Agape sells a variety of dietary supplements and skincare products through a direct sales model, primarily targeting distributors in Malaysia.
How said Agape will be setting up an incubator designed to nurture entrepreneurs in the sustainable health and wellness industry.
It aims to stimulate the untapped talent within the SMEs thriving in Southeast Asia.
Agape also signed a memorandum of understanding with My Life Centre today.
The latter is an SME wellness centre with over four decades of experience in the practice of green medicine.
My Life Centre specialises in natural prevention and healing, particularly in addressing cardiovascular disease, diabetes complications and cancer.