Sagoon files papers with US SEC to raise $20-mn via mini IPO

Sagoon Inc, a social commerce startup, today said it has filed papers with US Securities and Exchange Commission (SEC) to raise USD 20 million (about Rs 135 crore) through mini-initial public offering.
It has filed for Regulation A+ (Mini-IPO) with SEC to offer an investment opportunity mostly to a large pool of potential public investors who already are a part of Sagoon users and supporters.
After the offering is qualified by the SEC, the company plans to sell 869,564 shares of Class C Common Stock at USD 23 per share; the minimum investment will be 13 shares, costing USD 299.

Under Regulation A+, start-ups and small businesses can raise up to USD 50 million by issuing securities to investors in any 12-month period through the mini-IPOs.
The company plans to raise the funds starting February this year.
"I always wanted to offer this opportunity to my own community, and all those fans and supporters who believe in our dream, so that each one of them gets a chance to help us change the world and receives the potential financial benefits that Sagoon aims to share," Sagoon founder Govinda Giri said in a statement.
Sagoon is an early-stage social commerce platform with the mission of offering everyone a chance to make money while socialising. It was first launched as a search engine in 2009, but later in 2014 developed into a social commerce platform.