** Shares of IXUP Limited falls as much as 22.2% to A$0.014, its lowest since Sept. 11

** Data encryption co receives firm commitments to raise A$1.85 mln ($1.27 mln) through a share placement

** Issue price of A$0.015 at ~17% discount to the last close on Sept. 20

** Co says funds will be used for pipeline development and conversion, and facilitate ongoing business, among others

** Over 3.4 mln shares traded, 2.6x the 30-day avg

** IXU down 50.6% YTD as at 0212 GMT

($1 = 1.4618 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))