iOThree, a Singapore-based provider of maritime connectivity and digitalization solutions, raised $8 million by offering 2.1 million shares (21% secondary) at $4, the low end of the range of $4 to $6. The offering contained 0.5 million fewer shares than anticipated.
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 plans to list on the Nasdaq under the symbol IOTR. Eddid Securities and Futures and Network 1 Financial Securities acted as joint bookrunners on the deal.
