Malaysian tech provider ARB IOT stock falls 9% following $5M US IPO
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Loading... - Latif Tanjung
- 07 Apr 2023
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ARB IOT (NASDAQ:ARBB) shares fell 9% in afternoon trading Wednesday following the Malaysian tech company's $5M US initial public offering.
Shares of ARB IOT opened at $3.60 after being priced at $4, sliding to a low of $3.40 in early afternoon before climbing to a high of $4 in late afternoon. The stock recently changed hands at $3.63 at approximately 2:25 p.m. ET.
ARB IOT offered 1.25M shares at $4 per share. Underwriters were granted a 45-day option to buy up to 188K additional shares. Maxim Group is serving as sole bookrunner.
Based in Kuala Lumpur, ARB IOT a provider of solutions for the integration of Internet-connected devices and systems.
For more on ARB IOT, check out Donovan Jones's "ARB IOT Readies Micro-IPO Plan". Read More…
