** 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;))
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