ARB IOT Group, which provides IoT system integration and support services in the ASEAN region, raised $5.0 million by offering 1.25 million shares at $4, the low end of the range of $4 to $6.
The Kuala Lumpur, Malaysia-based company states that it is 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 (38% FY22 revenue), IoT System Development (58%), IoT Gadget Distribution (4%), and IoT Smart Home & Building (<1%).
ARB IOT Group plans to list on the Nasdaq under the symbol ARBB. Maxim Group LLC acted as sole bookrunner on the deal.
