Diginex Limited Announces Closing of $9.2 Million Initial Public Offering

Rhea-AI Summary

Diginex has successfully closed its initial public offering (IPO) of 2,250,000 ordinary shares at $4.10 per share, raising gross proceeds of $9.225 million. The company, which specializes in ESG, climate, and sustainability solutions using blockchain and machine learning technology, began trading on the Nasdaq Capital Market under the symbol DGNX on January 22, 2025.

The underwriter, Dominari Securities, has a 45-day option to purchase up to 337,500 additional shares at the IPO price to cover potential over-allotments. The proceeds will be used for working capital and general corporate purposes. The offering was conducted on a firm commitment basis, with Revere Securities acting as co-underwriter.

Positive

• Successfully raised $9.225 million through IPO
• Nasdaq Capital Market listing achieved
• Firm commitment offering structure indicates strong underwriter confidence

Negative

• Potential dilution from additional 337,500 shares if over-allotment option is exercised
• Broad use of proceeds without specific allocation strategy

Insights

Financial Markets Analyst

Diginex's $9.2 million IPO marks a strategic entry into public markets, positioning the company at the intersection of two high-growth sectors: ESG solutions and blockchain technology. The offering structure reveals several noteworthy aspects:

The $4.10 per share pricing and relatively modest offering size suggests a conservative approach, likely designed to ensure strong aftermarket performance while maintaining significant upside potential. The 45-day over-allotment option for an additional 337,500 shares (approximately 15% of the base offering) provides flexibility to meet excess demand and stabilize early trading.

The timing is particularly relevant as institutional investors increasingly prioritize ESG capabilities, with blockchain solutions offering the transparency and immutability important for credible ESG reporting. The proceeds allocation toward working capital and general corporate purposes indicates a focus on operational scaling rather than specific acquisitions or debt retirement.

Key considerations for investors include:

• The company's positioning in the rapidly expanding ESG technology market, estimated to reach $96 billion by 2027
• The competitive advantage of combining blockchain with machine learning for ESG data verification
• The potential for recurring revenue through SaaS-based ESG solutions
• The strategic importance of the Nasdaq listing for attracting institutional investment and enhancing corporate visibility

While the IPO size is modest compared to recent technology offerings, it provides a foundation for future capital raises as the company demonstrates execution of its growth strategy. The firm commitment underwriting structure by Dominari Securities adds credibility to the offering and suggests thorough due diligence of the business model.

HONG KONG, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Diginex Limited (“Diginex Limited” or the “Company”), incorporated in the Cayman Islands, is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action, today announced the closing of its initial public offering (the “Offering”) of 2,250,000 ordinary shares at a public offering price of $4.10 per ordinary share, for total gross proceeds of $9,225,000, before deducting underwriting discounts, commissions, and other related expenses.

The Company has granted Dominari Securities LLC (“Dominari” or “Representative”), the underwriter, an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 337,500 ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any. Shares of the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “DGNX” on January 22, 2025.

The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.

Dominari Securities, LLC acted as the representative of the underwriters to the Offering, and Revere Securities, LLC was a co-underwriter. Loeb & Loeb LLP acted as U.S. counsel to Diginex, and Robinson & Cole LLP acted as U.S. counsel to Dominari Securities LLC in connection with this Offering.

A registration statement on Form F-1 (File No. 333-282027) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 20, 2024. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Dominari Securities LLC, 725 5th Ave, 23rd Floor, New York, NY 10022, Telephone: (212) 393-4500; Email: investmentbanking@dominarisecurities.com.

Before you invest, you should read the registration statement (including the post-effective amendment) and the preliminary prospectus contained therein and the final prospectus, when available, and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Diginex Limited

Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email: ir@diginex.com

Jackson Lin
Lambert by LLYC
Phone: +1 (646) 717-4593
Email: jian.lin@llyc.global 

FAQ

What was the total amount raised in Diginex's (DGNX) IPO?

Diginex raised gross proceeds of $9.225 million through its IPO, selling 2,250,000 ordinary shares at $4.10 per share.

When did Diginex (DGNX) begin trading on Nasdaq?

Diginex began trading on the Nasdaq Capital Market under the symbol DGNX on January 22, 2025.

What is the over-allotment option for Diginex's (DGNX) IPO?

The underwriter has a 45-day option to purchase up to 337,500 additional shares at the IPO price to cover over-allotments.

How will Diginex (DGNX) use the IPO proceeds?

Diginex intends to use the proceeds from the IPO for working capital and general corporate purposes.

What was the IPO price for Diginex (DGNX) shares?

The public offering price was set at $4.10 per ordinary share.