S'pore software firm Info-Tech Systems seeks to raise $23.4m in SGX IPO

Info-Tech Systems is seeking to raise $23.4 million via an initial public offering (IPO) on the Singapore Exchange (SGX), the local software firm said on June 27.

- Benjamin Lim

The offering, which will comprise 24.86 million shares priced at 87 cents each, is the first listing on the SGX mainboard in two years, following a dearth of new listings and more firms exiting the exchange.

The IPO comprises five million publicly offered shares in Singapore, and 19.86 million shares by way of international placement to selected investors.

In addition to the public offering, several cornerstone investors have also committed to buying 41.1 million shares, of which 13.8 million will be sold by company chairman and co-founder Peter Lee. These include institutional names such as Avanda Investment Management, Dymon Asia, Lion Global Investors, Maybank Asset Management Asia and Nikko Asset Management Asia.

Mr Lee has also granted the joint bookrunners and underwriters the option to purchase up to 4.9 million additional shares, bringing the total deal size to a value of $61.7 million.

OCBC is the sole issue manager and global coordinator for the proposed IPO, with CGS International Securities Singapore as joint bookrunners and underwriters.

The shares are expected to begin trading on July 4 at 9am.

Info-Tech Systems is the first Singapore software-as-a-service (SaaS) firm to list on the SGX.