ACE Market-bound Securemetric eyes RM17m
KUALA LUMPUR: Securemetric Bhd is offering 17 million shares for the public under its plan to list on Bursa Malaysia.
The company has moved one step closer to the listing following the launch of its prospectus yesterday.
Its shares will be floated on the ACE Market on November 13.
The initial public offering (IPO) is expected to raise RM17 million in proceeds.
“Of the total proceeds, RM5.7 million will be used for development of new digital security solutions, RM5.16 million for working capital and RM1.7 million for business expansion.
“The remaining RM4.44 million will be used for repayment of borrowings and defrayment of IPO expenses,” said Securemetric in a statement yesterday.
The retail offering of the 17 million shares will end on October 30.
Securemetric and its subsidiaries offer digital security products and solutions mainly in Southeast Asia, namely Malaysia, Vietnam, the Philippines, Indonesia and Singapore.
Securemetric chief executive officer Edward Law said he was confident of the growth potential of digital security solutions in Southeast Asia, with a potential market size of RM8 billion by 2020, especially within the financial and government sectors.