Arb iot group limited announces closing of $5.0 million initial public offering

Kuala lumpur, malaysia, april 10, 2023 (globe newswire) -- arb iot group limited ("arb" or the "company") (nasdaq: arbb), a provider of complete solutions to clients for the integration of internet of things (“iot”) systems and devices from designing to project deployment, today announced the closing of its previously announced initial public offering of 1,250,000 ordinary shares. each ordinary share was sold at an offering price of $4.00 per ordinary share, for gross proceeds of approximately $5.0 million, before deducting underwriting discounts and offering expenses. the company has granted the underwriters a 45-day option to purchase up to an additional 187,500 ordinary shares to cover over-allotments at the initial public offering price, less underwriting discounts and commissions.
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