iOThree, a Singapore-based provider of maritime connectivity and digitalization solutions, lowered the proposed deal size for its upcoming IPO on Thursday. The company also disclosed FY24 financials, and replaced bookrunner Eddid Securities.
The Singapore-based company now plans to raise $13 million by offering 2.6 million shares (19% secondary) at a price range of $4 to $6. The company had previously filed to offer 3.7 million shares (37% secondar) at the same range. At the midpoint of the revised range, iOThree will raise -29% less in proceeds than previously anticipated and command a market value of $130.6 million.
iOThree is focused on facilitating the digital transformation of the maritime industry in Singapore. The company operates through two segments: satellite connectivity solutions (65% of FY24 revenue) and digitalization and other solutions (35%). 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 $9 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol IOTR. Network 1 Financial Securities is the sole bookrunner on the deal.
