Suprema, provider of biometric technologies, raises $36m in capital from share issue

Suprema Inc. has successfully issued 1.2 million of new shares at an aggregate of $36M

Suprema Inc., a leading provider of biometric technologies, announced on September 15 that the company has successfully issued 1.2 million of new shares at an aggregate of $36M (KRW43.4 billion). For this public offering, Suprema received overwhelming response from institutional and private investors with subscribed bids exceeding $1.4B in total - 37.6 times the shares on offer.

With the share-raise capital, the company has plans to invest in R&D projects to broaden its business portfolio. According to Suprema, the company eyes on multi-modal biometrics from current fingerprint-based solutions. The company also has plans to develop an integrated security solution combining access control, surveillance and ID management applications.

"We are pleased to receive this tremendous interest and trust from investors, which well reflects Suprema's growth potential as well as technological competitiveness. With the raised funds, we will focus on developing a long-term technological growth platform through acquisitions or maybe a joint venturing," said James Lee, CEO at Suprema.

As of September 15, the company's total number of shares increased to 14.4 million and market capitalisation exceeded $281M (KRW342.7 billion).