WASHINGTON (dpa-AFX) - OThree Limited, a provider of maritime digital technologies including satellite connectivity and digitalization solutions in Singapore with a focus on facilitating the maritime industry towards digital transformation, announced the pricing of its initial public offering of an aggregate of 2.10 million ordinary shares of par value $0.00625 per share, at a public offering price of US$4.00 per share. Of these, 1.65 million shares will be offered by the company itself, while 450,000 shares will be offered by the selling shareholders.
The company expects to receive aggregate gross proceeds of US$6.6 million from the offering, before deducting underwriting discounts and other related expenses.
The company said it will not receive any proceeds from any sale of ordinary shares by the selling shareholders. In addition, the company has granted the underwriters a 45-day option to purchase up to 247,500 ordinary shares to cover over-allotments at the initial public offering price, less underwriting discounts.
The company's ordinary shares are expected to begin trading on April 10, 2025, U.S. Eastern time, on the Nasdaq Capital Market under the ticker symbol 'IOTR'. The offering is expected to close on April 11, 2025.
The company expects to receive net proceeds from the Offering of approximately US$4.6 million, or approximately US$5.5 million if the Over-Allotment Option is exercised in full, after deducting underwriting discounts and the estimated offering expenses payable by the company.
The company plans to use the net proceeds for: solution development to expand and enhance its current solution offerings for JARVISS; obtaining class approval from major maritime organization for its range of digital applications; marketing and branding, including expanding commercial sales team with dedicated marketing staff, and investing in marketing and promotional activities to further expand its customer base and strengthen its brand; and working capital and general corporate purposes.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
