In its initial trading, the shares of ITSEC Asia increased 35% to Rp135 after its official debut on IDX, reaching the ARA level.
Heaptalk, Jakarta — A cybersecurity company, PT ITSEC Asia Tbk (issuer code: CYBR), officially listed on Indonesia’s Stock Exchange (IDX) on Tuesday (08/08). In its initial trading, the company shares increased 35% to Rp135 after its official debut on IDX, reaching an Auto Rejection Upper (ARA) level.
Furthermore, around 25,246 subscribers have ordered the CYBR shares and oversubscribed up to 98.08 times from the pooling. The company also revealed that about 50.8 million shares were successfully traded with a transaction value of Rp6.9 billion.
The President Director of ITSEC Asia, Andri Hutama Putra, revealed, “The enthusiasm of investors and the public cannot be separated from the prospects for the growth of the cyber security industry in Indonesia. Our debut on Indonesia’s IDX is a move to broaden the partner network by strengthening service solutions and boosting business development in the cybersecurity industry,”
Previously, this cybersecurity company performed its Initial Public Offering (IPO) on July 18th, 2023. By offering 1 billion new shares, with an IPO price of Rp100 per share, ITSEC has obtained a fresh fund worth US$6.6 million (around Rp100.8 billion).
The company plans to use around 87% of the IPO proceeds as working capital and support the expansion of the cybersecurity team in Indonesia, Singapore, and Australia. The company will also build a Research and Development (R&D) team to develop new cybersecurity products, tools, and services.
The company will also allocate the fund to develop marketing, project financing, and certification that eventually will drive profitability. Besides, CYBR will utilize the fund at approximately 13% of the funds raised for business expansion into Indonesia’s regions with a promising potential and furnishing laboratory equipment and supplies.
In addition, CYBR plan to issue 504.36 million Warrants Series l. The issuance of these Warrants represents 9.27% of the company’s issued and paid-up capital before the IPO. The company said that every investor who buys two CYBR shares will receive one Warrants Series l. The exercise price for the Warrant is worth Rp400, with a maximum exercise amount of Rp201.74 billion. The Warrants issued will be valid from August 8th, 2024, to August 6th, 2027.
“Cyber security has become one of the primary challenges in various industrial sectors in Indonesia. We believe cyber security is key to achieving successful digital transformation in Indonesia.” Andri said.
