ARB IOT Group, which provides IoT system integration and support services in the ASEAN region, announced terms for its US IPO on Friday.
The Kuala Lumpur, Malaysia-based company plans to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. The IPO float represents just 4.6% of basic shares outstanding. At the midpoint of the proposed range, ARB IOT Group would command a market value of $131 million.
ARB IOT Group claims to be a provider of complete solutions for the integration of Internet of Things (“IoT”) systems and devices from designing to project deployment, with a focus on IoT growth in the ASEAN region. The company generated $101 million in revenue in FY22 from its four primary product offerings: IoT Smart Agriculture, IoT System Development, IoT Gadget Distribution, and IoT Smart Home & Building.
ARB IOT Group was founded in 1997 and plans to list on the Nasdaq under the symbol ARBB. Maxim Group LLC is the sole bookrunner on the deal.
