Human resource management software firm Info-Tech says that the total demand for its 24.86 million shares in its initial public offer (IPO) is about 7.3 times oversubscribed.
At the close of the offering at noon on July 2, there were 72,055,600 applications for the 5 million public shares, which is 14.4 times oversubscribed. Under the placement for international and local institutional investors, the 19,856,000 shares were 5.5 times oversubscribed.
The firm offered 24.86 million shares at 87 cents apiece at its IPO. At the same time as, but separate from, the offering, nine cornerstone investors including Asdew Acquisitions, Avanda Investment Management, Dymon Asia Multi-Strategy Investment Master Fund, GinkoAGT Global Growth Fund, Lion Global Investors, Maybank Asset Management Singapore, Nikko Asset Management Asia, Qilin Wealth Fund and Splendid Asia Macro Fund, have subscribed for or purchased an aggregate of $35.8 million.
The total deal size, including the offering as well as issuance and sale of the cornerstone shares, will raise gross proceeds of about $61.7 million. The amount assumes that the over-allotment option is exercised.
The listing and trading of Info-Tech’s shares on the mainboard of the SGX is expected to commence at 9am on Friday, July 4.
Oversea-Chinese Banking Corporation (OCBC) is the sole issue manager and global coordinator for this proposed IPO. The bank, together with CGS International Securities Singapore (CGSI), are the joint bookrunners and underwriters.
See also: Info-Tech Systems debuts on SGX Mainboard at 95 cents, closes at 91 cents
CEO and co-founder Babu Dilip said: “With the proceeds, we are well-positioned to advance our strategic priorities — including broadening our suite of solutions and deepening our market penetration as well as strengthening our brand visibility in existing markets. We also intend to expand into new geographies as well as accelerate access to new technologies through inorganic acquisitions and partnerships. We believe these initiatives will propel the group into its next phase of sustainable growth.
