ARB IOT Group, which provides IoT system integration and support services in the ASEAN region, raised the proposed deal size for its upcoming IPO on Monday.
The Kuala Lumpur, Malaysia-based company now plans to raise $7 million by offering 1.3 million shares at a price range of $4 to $6. The company had previously filed to offer 1.2 million shares at the same range. At the midpoint, ARB IOT Group will raise 8% more in proceeds than previously anticipated.
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 generates revenue from 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 booked $101 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol ARBB. Maxim Group LLC is the sole bookrunner on the deal.
