ARB IOT Group Ltd, a spin-off of Main Market-listed information technology (IT) software and platform provider ARB Bhd, has successfully listed on the NASDAQ Stock Exchange.
The initial public offering (IPO) of the provider of complete solutions to clients for the integration of Internet of Things (IoT) systems and devices from designing to project consists of 1.25 million ordinary shares each priced at US$4.00.
Listed under the ticker symbol “ARBB”, the stock started trading at 5pm US Eastern Time on April 5. The offering is expected to close on April 10 subject to the stock satisfying NASDAQ’s customary closing conditions.
This IPO is expected to generate around US$5 mil (RM22 mil) 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.
“ARB IOT Group is one of the Malaysian companies to successfully list 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,” commented the company’s CEO Datuk Seri Larry Liew Kok Leong.
“We believe our listing on NASDAQ, a globally recognised stock exchange, would help the group to gain recognition and enhance our corporate reputation.”
Over the past few years, Liew said the ARB group has consistently pursued innovation and growth across all its businesses.
“The success of our listing places us in a strategic position to capitalise on potential M&A (merger & acquisition) opportunities to fortify our presence in the US and throughout the ASEAN region,” he projected.
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,” enthused Liew who is also ARB’s executive director.
“At ARB, we have cultivated an IoT development ecosystem designed to help our clients navigate the challenges and opportunities presented by these emerging technologies.”
He added: “The ARB IOT Group will continue to prioritise opportunities by focusing on strategic acquisition to expand our international presence. Its NASDAQ listing will put the company on the world map while enhances its business profile and visibility.
“A strong reputation will play a vital role in achieving greater market penetration and a wider customer base.”
At the close of today’s trading, ARB was up 1 sen or 8.7% to 12.5 sen with 11.45 million shares traded, thus valuing the company at RM152 mil. – April 6, 2023