KUALA LUMPUR, July 1, 2021 - (ACN Newswire) - NovelPlus Technology Berhad ("NTB" or the "Group"), an online social reading and writing platform developer and operator, successfully listed on the LEAP Market of Bursa Securities Malaysia Berhad today at RM0.25 per share, above the offer price of RM0.15 per share.
|NTB Chief Executive Officer, Crystal Lai|
The Group has an e-book library comprising over 37,000 published novels in Bahasa Melayu and Bahasa Indonesia with an ecosystem comprising over 2.1 million users, of which approximately 10,000 are registered as writers and the rest are readers.
The platform operates under the name NovelPlus, with the content being accessed through the Group's mobile application and web browser. NovelPlus operates on a freemium model where readers can access the platform for free or pay a subscription fee to enjoy an advertisement-free reading experience.
The NovelPlus platform allows readers to browse and select e-books, personalise their experience and manage their profile as well as interact with writers registered on the platform. For writers, the NovelPlus platform allows them to write, edit and self-publish their serialized novels, build readerships and receive reviews and tokens of appreciation from readers. Advertisers can also advertise on the mobile application and web browser, with the advertisements targeted towards users who are not subscribed.
Chief Executive Officer of NTB, Crystal Lai, said the Group is now in a better position to focus on new business expansion and pursue future growth opportunities after the successful listing.
"NovelPlus continues to innovate and evolve for the needs of our users. This is the beginning of an evolution for NovelPlus and we will continue to make improvements that mirror our users' needs."
The Group's plans include expanding the content of its library to include e-books published in both Bahasa Melayu and Bahasa Indonesia as well as other languages from Southeast Asia, where e-books have seen healthy growth from US$308.1 million (RM1.3 billion) in 2016 to US$382.9 million (RM1.6 billion) in 2019, which is a compound annual growth rate ("CAGR") of 7.5%. Moving forward, the e-book market size may register CAGR of 6.4% between 2020 and 2022, to reach US$461.0 million (RM1.9 billion).
TA Securities Holdings Berhad is the approved adviser, placement agent and continuing adviser for the listing exercise.
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Topic: Press release summary
Source: NovelPlus Technology Berhad
Sectors: Daily Finance, Local Biz
From the Asia Corporate News Network
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