(MENAFN- EIN Presswire) ARB IOT Group's CEO, Dato' Sri Larry Liew Kok Leong
ARB IOT Group Ltd, a provider of complete solutions to clients for the integration of Internet of Things systems, has listed on the nasdaq Stock Exchange.
KUALA LUMPUR, MALAYSIA, April 7, 2023/einpresswire.com / -- ARB IOT Group Ltd ("ARB IOT Group" or the "Group"), a provider of complete solutions to clients for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment, has listed on the NASDAQ stock exchange (“NASDAQ”).
The initial public offering (“IPO”) consists of 1.25 million ordinary shares, each priced at USD 4.00. The shares have been approved for listing on NASDAQ and started trading on 5 April 2023, Eastern Time, under the ticker symbol“ARBB”. The offering is expected to close on April 10, 2023, subject to the satisfaction of customary closing conditions.
This IPO is expected to generate around USD 5.0 million in gross revenue before accounting for underwriting discounts and offering expenses. In addition, ARB has provided the underwriters with a 45-day window to acquire up to 187,500 additional ordinary shares to address any over-allotments at the initial public offering price, minus the underwriting discount. All of the ordinary shares are being offered by the Company.
This milestone signifies the successful spin-off of the IoT business divisions from ARB Berhad ("ARB Berhad"), a Main Market-listed company in Malaysia. ARB Berhad is also a prominent IoT and information technology (IT) provider within the Malaysian market.
ARB IOT Group's CEO, Dato' Sri Larry Liew Kok Leong (拿督斯里刘国良), stated: "We are immensely proud to bring another Malaysian-based Company listed on the prestigious NASDAQ Stock Exchange. ARB IOT Group is one of the Malaysian companies successfully listed on NASDAQ. We believe this will accelerate our next growth phase as we aim to become the leading player in the IoT landscape within the ASEAN region, leveraging our listing status on NASDAQ Stock Exchange.
We believe that with listing on NASDAQ, a globally recognised stock exchange, would help the Group gain recognition and enhance the corporate reputation.
Over the past few years, we have consistently pursued innovation and growth across all our businesses. The success of our listing places us in a strategic position to capitalise on potential M&A opportunities to fortify our presence in the United States and throughout the ASEAN region.”
To date, the Group has four business lines, comprising IoT Smart Home & Building, IoT Smart Agriculture, IoT System Development (including IoT Platform Technologies), and IoT Gadget Distribution.
“In the face of rapid advancements in technology, including AI, cloud computing, 5G, robotic process automation (“RPA”), IoT, and hyper-connectivity, businesses are compelled to embrace digital transformation to meet the ever-changing demands of their customers. At ARB, we have cultivated an IoT development ecosystem designed to help our clients navigate the challenges and opportunities presented by these emerging technologies.
ARB IOT Group Limited will continue to prioritise opportunities by focusing on strategic acquisition to expand our international presence. The listing of the Group on the NASDAQ Stock Exchange will put ARB IOT Group on the world map and enhance the business profile and visibility. A strong reputation will play a vital role in achieving greater market penetration and a wider customer base,” Dato' Sri Larry said.
JEANNE LIM
AEGIS COMMUNICATION SDN BHD