KUALA LUMPUR: ARB Bhd's unit, ARB IoT Group Ltd, has officially listed on the NASDAQ capital market with an initial public offering (IPO) of 1.25 million ordinary shares.
Each share is priced at US$4.00 and has been approved for listing on NASDAQ, and started trading on April 5 with the ticker symbol of 'ARBB'.
The offering is expected to close on April 10, subject to the satisfaction of customary closing conditions.
With the listing, the IPO will produce around US$5 million in gross revenue before accounting for underwriting discounts and offering expenses.
The company has also provided a 45-day gap for underwriters to acquire up to 187.500 additional ordinary shares.
ARB said the additional shares would be utilised to address any over-allotments at the initial public offering price, not including the underwriting discount, and all of the ordinary shares were offered by the company.
The company's listing on the NASDAQ indicates the successful turnaround of the IoT business division at ARB.
ARB IOT Group chief executive officer Datuk Seri Larry Liew Kok Leong said the company is extremely proud to have another Malaysian-based company listed on NASDAQ.
"We believe this will accelerate our next growth phase as we aim to become the leading player in the IoT landscape within the ASEAN region, leveraging our listing status on the NASDAQ stock exchange.
"ARB IOT Group is one of the Malaysian companies successfully listed on NASDAQ.
"We believe this will accelerate our next growth phase as we aim to become the leading player in the IoT landscape within the ASEAN region, leveraging our listing status on the NASDAQ stock exchange.
"We believe that listing on NASDAQ, a globally recognised stock exchange, would help the company gain recognition and enhance its corporate reputation," he said.
Liew added that the company has four business divisions: IoT smart home and building, IoT smart agriculture, IoT system development that also includes IoT platform technologies, and IoT gadget distribution.
"At ARB, we have cultivated an IoT development ecosystem designed to help our clients navigate the challenges and opportunities presented by these emerging technologies.
"ARB IOT Group will continue prioritising opportunities by focusing on strategic acquisitions to expand our international presence.
"The company listing on the NASDAQ stock exchange will put ARB IOT Group on the world map and enhance the business profile and visibility," he said.