[SINGAPORE] Singapore welcomed its second listing in 2025 and first mainboard listing in close to two years as software services provider Info-Tech Systems made its trading debut on Friday (Jul 4).
This comes two days after its IPO closed at noon on Jul 2, with its 24.85 million shares on offer around 7.3 times oversubscribed.
At 9am, it opened at S$0.95, 9.2 per cent above its initial public offering price of S$0.87, with the stock code ITS.
As at 9.03am, it climbed as high as S$0.98, up by 3.2 per cent or S$0.03, with some 1.8 million shares having changed hands. By 9.30 am, it had eased back down to S$0.95, with around 4.1 million shares transacted.
Info-Tech Systems is the second company to list on the Singapore Exchange in 2025, following automaker Vin’s Holding’s listing on the Catalist board on Apr 15.
It is the first pure-play software-as-a-service (SaaS) provider for human resource management system (HRMS) and accounting software to list on SGX.
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Babu Dilip, chief executive officer and co-founder of the company, said that the IPO is a “key milestone” for the group as it gears up for its next phase of growth and looks to capitalise on the rising adoption of cloud-based solutions, particularly among small and medium-sized enterprises.
It intends to use the IPO proceeds to deepen market penetration, enhance brand visibility, expand its suite of solutions and scale our operations, he said.
This includes potentially expanding its geographical presence to new markets and accelerating access to new technology through inorganic acquisitions and partnerships.
For the financial year ended December 2024, the company recorded a 17.6 per cent rise in its net profit to $12.3 million. Its top-line grew by around 15 per cent year-on-year to $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 company’s IPO comprised new shares issued by it alongside an offering of vendor shares by its executive chairman Peter Lee Kim Heng and executive director Yeoh Sin Yee.
