AUTOCOUNT Dotcom Bhd which is en route to a listing on the ACE Market of Bursa Malaysia on May 9 has seen its initial public offering exercise (IPO) achieving an over-subscription rate of 167 times – a testament of strong public confidence in the group’s growth potential.
Throughout the public subscription period from April 14 to 25, the developer and distributor of financial management software received an exceptional 35,436 applications for 4.6 billion shares with a value of RM1.5 bil for the 27.5 million shares made available to the Malaysian public.
This presents the highest level of public oversubscription recorded on Bursa Malaysia for 2023 thus far.
The IPO comprises a public issuance of 93.6 million new shares (representing 17.0% of its enlarged share base of 550.5 million shares) and an offer for sale of 44.0 million shares (8.0%).
In a statement, the company said the notice of allotment will be mailed to all successful applicants by May 9.
The Company aims to raise proceeds of RM30.9 mil from its IPO, of which circa 56.2% or RM17.3 mil will be used to extend its presence within the ASEAN region.
Establishing local sales offices will not only increase Autocount software awareness to clients in the region but also ensure an enhanced customer experience. This regional expansion will allow Autocount to have a regional presence which will enable the group to seize considerable opportunities in the ASEAN market.
An additional 16.9% of the IPO proceeds totalling RM5.2 mil will be allocated for research and development (R&D) initiatives. This investment will empower Autocount to strengthen its research and development (R&D) initiatives to enhance and expand its existing product features. The balance of the proceeds is for working capital and listing expenses.
Based on its enlarged issued share capital of around 550.5 million shares and an IPO price of 33 sen per share, the company will have a market capitalisation of RM181.7 mil.
Malacca Securities Sdn Bhd has been appointed as the principal adviser, sponsor, underwriter, and placement agent for the listing exercise.
Autocount primarily focuses on the development and distribution of financial management software, encompassing accounting, point-of-sale (POS), and payroll solutions. The company has sold circa 70,000 software licenses to around 210,000 businesses and companies, mainly in Malaysia and Singapore. – April 27, 2023
