Friday, February 23, 2024

ITSEC Asia (CYBR) soars 35% after succesful IPO, bolstering its cybersecurity forces

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PT Itsec Asia Tbk (CYBR) sets eyes on extra capital via its initial public offering (IPO) of 1 billion shares to strengthen its cybersecurity teams in three countries: Indonesia, Singapore, and Australia.

Established in 2010, ITSEC Asia is a cyber security company headquartered in Singapore and Australia. The company offers its services in 13 countries around Asia-Pacific.

According to the short prospectus, the company had conducted its IPO, setting the price to IDR 100 per share early in August. 

Then, CYBR had also listed its stock on Indonesia Stock Exchange (IDX) on August 8, 2023, and would be the 59th company to be listed. 

The IPO proceeds are predicted to reach IDR 100.87 billion after releasing about 1 billion new shares, or 15.64% of the total capital stored after the IPO.

According to IDX, CYBR had achieved a rise of 35% to IDR 135 after its listing. About 50.8 million shares successfully traded.

CYBR’s plan is to allocate 87% or approximately IDR 87.75 billion of the IPO proceeds to working capital, reinforcing its cybersecurity teams, building new teams, renting office spaces in several cities, forming a research and development (R&D) for device upgrade and new cybersecurity services. 

Then, another 13% will be utilized as capital expenditure (Capex) to extend its cybersecurity team, purchase laboratory equipment, and expand its market in various cities.

Prior to IPO, CYBR’s authorised capital was recorded at IDR 544.08 billion, while its issued and paid-up capital was IDR 136.02 billion. 

Prior to the IPO, CYBR’s authorized capital was IDR 544.08 billion, issued and fully paid up capital IDR 136.02 billion, portfolio shares IDR 408.06 billion. The shareholder structure is INV Management Pte Ltd 57.70%, MB Investment Management Pte Ltd 32.59%, Andri Hutama Putra, Bambang Susilo and Bima Kurniawan each 0.70%, Eko Prasudi Widianto 0.46%, Doni Mora 0.08%, and others 7.07%.

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