iOThree, a Singapore-based provider of maritime connectivity and digitalization solutions, filed on Wednesday with the SEC to raise up to $19 million in an initial public offering.
The company plans to raise $19 million by offering 3.7 million shares at a price range of $4 to $6. At the midpoint of the proposed range, iOThree would command a market value of $87 million.
iOThree is focused on facilitating the digital transformation of the maritime industry in Singapore. The company operates through two segments: satellite connectivity solutions and digitalization and other solutions. In the satellite connectivity segment, it offers satellite connectivity services and satellite network equipment and devices for shipboard network management. In the digitalization and other solutions segment, the company designs digital solutions and provides various support services for IT and OT applications enablement.
iOThree was founded in 2019 and booked $8 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol IOTR. The company filed confidentially on October 20, 2023. Eddid Securities and Futures is the sole bookrunner on the deal.
