AUTOCOUNT Dotcom Bhd which is principally involved in the development and distribution of financial management software has unveiled the prospectus for its initial public offering (IPO) exercise en route for its listing on the ACE Market of Bursa Malaysia.
To date, the company has sold approximately 70,000 AutoCount software licenses in the realm of accounting, POS (point-of-sale) and payroll to some 210,000 businesses and companies primarily in Malaysia and Singapore.
Autocount’s IPO entails a public issue of about 93.6 million new ordinary shares and offer for sale of about 44.0 million existing shares at an issue price of 33 sen/share.
The public issue comprises 27.5 million shares that will be made available for application by the Malaysian public, eligible employees and persons who have contributed to the success of Autocount (11.0 million shares) while 55.1 million shares is reserved for application by way of placement to selected investors.
Meanwhile, another 44.0 million existing shares are offered for sale by way of a private placement to selected investors.
The group will utilise about 56% or RM17.3 mil of the proceeds raised from its IPO exercise for its regional expansion in the ASEAN region. Physical offices will be set up regionally to serve as the local sales office to promote Autocount software to the local clients and provide a better customer experience.
Meanwhile, another 17% or RM5.2 mil of the proceeds raised from the IPO will be utilised for R&D (research and development) activity to expand Autocount’s existing products’ features in the likes of its cloud POS enhancement, e-commerce solutions, Cloud Accounting and Cloud Payroll & HR.
The balance of proceeds raised will be allotted for the group’s working capital and listing expenses.
“We are confident that our cutting-edge on-cloud Autocount software will bode well for the evolving needs of SMEs and corporations looking to digitalise their operations,” commented Autocount’s managing director Choo Yan Tiee at the company’s prospectus launch.
“By embracing the power of the cloud, our platform provides a seamless, secure and scalable solution that enables businesses to streamline their financial processes, optimise efficiency, and foster growth in today’s rapidly changing digital landscape.”
Pursuant to the launch of Autocount’s prospectus, applications for its public issue will be made available starting today and will close on April 25 at 5pm. Autocount is slated to be listed on the ACE Market of Bursa Securities on May 9.
Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for Autocount’s IPO exercise. – April 13, 2023
