TNG Digital eyes Malaysian IPO in next 2-3 years, sources say [Yahoo! Finance]
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Source: Yahoo! Finance
TNG Digital could potentially fetch the valuation of a unicorn - a startup with a market value of $1 billion or more - before the potential IPO, the sources added. The current valuation of TNG Digital was not immediately certain. The Kuala Lumpur-headquartered company raised 750 million ringgit ($179.30 million) from an equity funding round in 2022 led by investors Lazada and parent Touch 'n Go, according to press release at that time. Lazada is part of Chinese technology giant Alibaba Group, while Touch 'n Go in turn is an indirect unit of Malaysia's second largest bank CIMB Group. Other investors include AIA and Ant Financial. TNG Digital was established via a strategic partnership between Touch 'n Go and Ant Financial in 2017, according to its website. IPO proceeds are expected to be used for further business expansion in Malaysia and beyond in Southeast Asia, the sources added, declining to be named as the matter was private. Deliberations are ongoing and no decision ha
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