Westpac-backed ShopBack weighs ASX IPO
ShopBack, a Singapore-based shopping rewards platform backed by investors including Westpac, Temasek and SoftBank, is weighing an Australian IPO and has begun early discussions with local investment banks. The company was last valued at about US$1.0b ($1.4b) three years ago.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Potential ASX IPO; potential pre-IPO capital raise
Investors: Temasek; SoftBank; Westpac; Rakuten Capital; 65 Equity Partners; Asia Partners
ShopBack co-founder and CEO Henry Chan has asked a handful of Australian banks to pitch for a liquidity event. A non-deal roadshow in Sydney and Melbourne is also planned to introduce the business to listed equities investors.
ShopBack operates a cashback model where retailers pay a commission for referred sales, with a portion passed back to shoppers and the balance retained by ShopBack as revenue.
ShopBack positions itself as a large rewards platform across Asia Pacific. In a 2022 investor update, ShopBack said it powers over US$4b ($5.8b) in annual sales for 20,000+ online and in-store partners. ShopBack is now reportedly driving US$5b+ ($7.2b+) in annual sales.
Westpac invested US$30m ($43.2m) into ShopBack in late 2022 as part of ShopBack’s Series F, which ShopBack said closed at US$200m ($287.8m) total.
