The initial public offering of software company Info-Tech Systems (IPO) received an subscription rate of approximately 7.3 times, excluding over-ration. The new stock will be traded on the first day of listing on the SGX main board on Friday (July 4...
The initial public offering of software company Info-Tech Systems (IPO) received an subscription rate of approximately 7.3 times, excluding over-ration. The new stock will be traded on the first day of listing on the SGX main board on Friday (July 4).
In addition, it has received nine cornerstone investors subscribed to a total of 41.144,000 shares or 35.8 million yuan in shares. Together with the 21.6 million yuan transaction of the IPO and assuming it exercises an over-ration option of 4.9 million shares, the transaction size totaled 61.7 million yuan.
Info-Tech Systems announced on Thursday (3rd) that its initial public offering received a warm response from investors. It offered 24.856,000 shares at RMB 0.87 per share (of which 5.647,000 are new shares), totaling RMB 21.6 million, which is assumed that it did not exercise the over-ration option of 4.9 million shares.
Dilip Babu, co-founder and president of Info-Tech Systems, said: "We are very encouraged by investors' strong support for our IPO shares. The strong market response reflects investors' confidence in our long-term growth potential and recognition of our strong performance in market penetration, product expansion and building lasting customer relationships that bring high levels of recurring revenue to the Group."
It is the second new stock listed this year after Vin’s Holdings, which is listed on Kelly Board, and is the first new stock to be welcomed by the SGX main board this year, and the first pure-play SaaS human resources management and accounting software supplier to be listed on the SGX.
At the end of subscription on Wednesday (2nd), 1,636 valid subscriptions were received for the public to subscribe, with a total subscription of 72.055,600 shares, with a subscription rate of 14.4 times. The public who subscribes to stocks will purchase about 1,000 to 3,000 shares; the 19.856,000 shares allocated will receive a subscription rate of 5.5 times. Stocks for public subscription and allotment to investors receive a total subscription rate of approximately 7.3 times.
Calculated based on the offering price and the total 258 million shares after listing, the market value of Info-Tech will reach about 224.5 million yuan when it is listed.
