Info-Tech Systems debuts on SGX mainboard at S$0.95, 9.2% above IPO price
At 9 am, it opened at S$0.95, 9.2 per cent above its IPO price, with the stock code ITS.
It climbed as high as S$0.98 at 9.03 am, up 3.2 per cent or S$0.03 from its opening price, with some 1.8 million shares changing hands. By 2.06 pm, it was down 4.7 per cent or S$0.045 at S$0.905, with 7.2 million shares transacted.
Info-Tech Systems' trading debut comes two days after its initial public offering (IPO) closed, with some 24.9 million shares fully subscribed at S$0.87 apiece.
The IPO comprised an international placement of around 19.9 million shares allocated for selected investors, which was 5.5 times subscribed, and an offer of five million shares available to the Singapore public, which was 14.4 times subscribed.
This translates to a subscription rate of 7.3 times for all the shares on offer.
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Established in 2007 by Babu Dilip, the company's chief executive officer, and Peter Lee, the group's executive chairman, Info-Tech Systems offers software services to improve the efficiency of human resource operations – including payroll, leave management and performance appraisal – and targets small and medium-sized enterprises.
The IPO proceeds will go towards deepening Info-Tech System's market penetration, enhancing its brand visibility as well as expanding its suite of solutions and operations, said Babu.
This could include expanding the group's geographical presence to new markets and accelerating access to new technology through inorganic acquisitions and partnerships. The Singapore-headquartered firm also operates in Malaysia, Hong Kong and India.
For the financial year ended December 2024, the company recorded a 17.6 per cent rise in its net profit to S$12.3 million. Its top line grew by around 15 per cent year on year to S$43.7 million, tracking a rise in revenue of its cloud accounting software.
OCBC is the sole issue manager and global coordinator for the placement, as well as the joint bookrunner and underwriter alongside CGS International Securities Singapore.
The IPO comprised new shares issued and an offering of vendor shares by its executive chairman and co-founder Peter Lee and executive director Yeoh Sin Yee.
Info-Tech Systems' mainboard listing follows that of automaker Vin's Holdings on the Catalist board on Apr 15. It is the first pure-play, software-as-a-service provider for human-resource management systems and accounting software to list on SGX.
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