Malaysia’s Securemetric seeks to raise $4m from ACE Market IPO | #VentureCanvas
Ka Kay Lum | DealStreetAsia – IPO
ACE Market-bound Securemetric Bhd is looking to raise RM17 million ($4.1 million) from its initial public offering on November 13, it said in a statement on Tuesday.
Most of the capital raised will be used for the development of new digital security solutions, working capital purposes and business expansion. The remaining RM4.44 million ($1.07 million) will be used for repayment of borrowings and defrayment of IPO expenses.
At an IPO price of RM0.25 per share, Securemetric will list with a market capitalisation of RM60.9 million ($14.63 million).
The company said the IPO exercise entails the issuance of up to 68 million new shares, comprising a public issue of 17 million shares, while 48 million shares will be placed out to identified investors. The remaining three million will be set aside for eligible employees of the company.
“With increasing adoption of technology by businesses and governments, enhanced digital security solutions is of utmost importance to avoid data leakages and economic losses arising from cyberattacks. We are well-positioned to benefit from growing emphasis by corporates and governments on having robust digital security solutions to safeguard data, information, and assets,” said Securemetric CEO Edward Law.
Based in Kuala Lumpur, Securemetric and its subsidiaries offer digital security products and solutions in markets across Southeast Asia, including Malaysia, Vietnam, the Philippines, Indonesia and Singapore.
For the financial year ended on December 31, 2017, more than 85 per cent of Securemetric’s revenue was derived from its overseas operations.
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