Malaysian cybersecurity firm Securemetric raises US$4M through IPO | Digital Asia
Securemetric and its subsidiaries offer digital security products and solutions mainly across Southeast Asian countries
Malaysian digital security solutions provider Securemetric has raised MYR17 million (US$4 million) from its debut today on the ACE Market of Bursa Malaysia Securities Berhad.
The company began trading today under the stock name SMETRIC and stock code 0203.
Securemetric’s IPO price was MYR0.25 (US$0.05) per share, with listing market capitalisation of MYR60.9 million (US$14 million).
In a press statement, the company said that it will use MYR5.70 million (US$1.3 million) to develop new digital security solutions, MYR5.16 million (US$1.2 million) for working capital purposes, and MYR1.70 million (US$405,000) for business expansion.
The remaining proceeds of MYR4.44 million (US$1 million) will be used for repayment of borrowings and defrayment of IPO expenses.
Also Read: Today’s top tech news, Nov 12: Masayoshi Son seeks to raise US$21.1B through telco company’s IPO
“With our presence now spread across key markets in Southeast Asia (SEA), we believe that the listing will serve as a platform for us to further expand our operations locally and regionally. Going forward, we will continue to enhance our R&D capabilities and develop new digital security solutions to meet evolving market needs,” said Securemetric CEO Edward Law Seeh Key.
Securemetric and its subsidiaries offer digital security products and solutions mainly across SEA countries, with local presence in Malaysia, Vietnam, Philippines, Indonesia, and Singapore.
Its expertise lies in software licensing protection, two-factor authentication (2FA), Public Key Infrastructure (PKI) and centralised authentication management system.
Securemetric credited its growth to its ability to localise their solutions to meet clients’ requirements in different countries.
For financial year ended December 31, 2017, the company said that more than 85 per cent of its revenue was derived from overseas.
Image Credit: Securemetric