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

Kuala lumpur, malaysia, april 04, 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 pricing of its initial public offering of 1,250,000 ordinary shares. each ordinary share is being sold at an offering price of $4.00, for gross proceeds of approximately $5.0 million, before deducting underwriting discounts and offering expenses. in addition, arb 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 the underwriting discount. all of the ordinary shares are being offered by the company.
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