Securemetric to raise RM17m from IPO


  • Business
  • Tuesday, 23 Oct 2018

And now in countries like Malaysia, the good news is that licensed platforms are affording the public to participate in equity crowd-funding and peer-to-peer lending options. There is also the Leap Market in which companies not quite ready for a full blown listing are able to get listed.

KUALA LUMPUR: Securemetric Bhd, headed for a listing on the ACE Market of Bursa Malaysia, is set to raise RM17mil from its initial public offering.

The digital security products and solutions provider will list with a market capitalisation of RM60.9mil with an IPO price of 25 sen per share.

The total offering of 68 million shares will comprise 17 million shares to the Malaysian public, 48 million shares via private placement and three million shares to eligible employees.

The retail portion of the offering closes on Oct 30 while the listing is scheduled for Nov 13.

In a statement issued on Tuesday, the company said the proceeds will go towards the development of new digital security solutions, working capital and business expansion. A portion of it will go towards the repayment of borrowing and defrayment of IPO expenses.

Securemetric, whose business is mainly in Southeast Asia, said it is confident of the growth potential of digital security solutions in the region, especially within the financial and government sectors.

"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.

"The potential market size for 2FA, PKI, authentication management systems and software licensing protection dongles in South East Asia is expected to exceed RM8 billion by 2020," said Securemetric CEO Edward Law.
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