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11 December, 2017 11:37 IST
Sagoon opens mini IPO for public from today
Source: IRIS | 14 Feb, 2017, 11.34AM
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Sagoon Inc. announced the launch of its online public offering to raise USD 20 million from general public in its next round of funding. Anyone from anywhere can purchase a share in Sagoon with as little as USD 299 (Rs 20,000 Approximately) and become a valued shareholder of the company.
 
A week ago, the Securities and Exchange Commission of the United States, qualified Sagoon's offering statement and from the given date onwards, the company, publicly started selling its 869,564 shares of Class C Common Stock at USD 23 (Rd 1545) a share, with 13 shares as the minimum purchase. The offering is being conducted on a best efforts basis through Sagoon's own website
www.sagoon.com/invest, where the Offering Circular related to the offering is also posted.
 
Govinda Giri, the founder of Sagoon, said ''I always wanted to offer this opportunity to my own community, and all those fans & supporters who have always believed in our dreams. The idea was to extend an opportunity to each one of them to play their part in helping us change the world and receive the potential financial benefits that Sagoon aims to share.'' He further added ''Thanks to the US JOBS Act of 2012, which made it possible for us to have a positive impact on our society, through various ways.''
 
This announcement brings in an opportunity that was not available during the early stages of other social media companies like Facebook and Twitter. This means it has massive potential for financial reward for every single investor. Also, each investor will get certain benefits that fall in the gambit of the investment amount he/she wishes to invest.
 
Swati Dayal
, the co-founder of Sagoon, said ''The SEC qualification is the bridge between the present and the future of Sagoon. We are well on our way to becoming the first ever social media platform of the world that rewards its users for spending time here. Further, I really feel proud that for the first time in history, the entire India is getting the opportunity to invest and co-own an early stage tech company.''
 
Prior to this live offering,  Sagoon ran ‘Testing the Water Phase’, wherein the company got over USD 7 million in indicated interest from more than 4000 investors located in the US, Canada, India, UK and other parts of the world. This success is attributed to the idea Sagoon is built around and the combined efforts of the team working to convert it into reality.

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