Cybersecurity Firm ITSEC Asia Seeks to Raise $7M from IPO
Jakarta. Cybersecurity company ITSEC Asia plans to issue 1 billion new shares during an initial public offering which will be held from August 2 to August 4, with a price range of Rp 100 to Rp 110 per share.
Mirae Asset Sekuritas Indonesia has been appointed as the underwriter for the offering.
ITSEC will also issue 504 million warrants in tandem with the IPO, offering new investors the opportunity to purchase shares at a substantial discount. These warrants will be given for free to new investors, with every two shares purchased entitling the holder to receive one warrant.
According to ITSEC's public filing on Tuesday, 87 percent of the IPO proceeds will be used to strengthen its cybersecurity teams in Indonesia, Singapore, and Australia, as well as to rent new offices in promising markets.
The remaining 13 percent will be allocated to renovate its research and development office, upgrade its cybersecurity laboratory in South Jakarta, and acquire new equipment.
The company is aiming to be listed on the Indonesia Stock Exchange on August 8. Its major shareholders include Singapore-based INV Management Pte. Ltd. with a 57.7 percent stake, and MB Investment Management Pte. Ltd. with a 32.59 percent stake.
Established in 2010, ITSEC Asia asserts itself as one of the largest cybersecurity firms in Asia and the Pacific, employing over 200 professionals across five countries.
It specializes in providing comprehensive and continuous protection of IT infrastructure against cybersecurity threats and assists its customers with fraud prevention, operational technology (OT), and Industrial IoT (IIoT) security.
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