Singapore software firm Info-Tech Systems debuts 9.2% above IPO price at $0.95
This comes two days after its initial public offering (IPO) closed at noon, with its 24.85 million shares on offer around 7.3 times oversubscribed.
SINGAPORE - The Republic welcomed its second listing in 2025 and first mainboard listing in close to two years with software services provider Info-Tech Systems' trading debut on Jul 4.
This comes two days after its initial public offering (IPO) closed at noon, with its 24.85 million shares on offer around 7.3 times oversubscribed.
At 9am, it opened at $0.95, 9.2 per cent above its IPO price of $0.87, with the stock code ITS.
As at 9.03am, it climbed as high as $0.98, up by 3.2 per cent, with some 1.8 million shares having changed hands. By 9.30 am, it had eased back down to $0.95, with around 4.1 million shares transacted.
Info-Tech Systems' mainboard listing follows that of automaker Vin's Holdings on the Catalist board on Apr 15.
It is the first pure-play, software-as-a-service provider for human-resource management systems and accounting software to list on SGX.
Mr Babu Dilip, chief executive officer and co-founder of the company, described the IPO as 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.
Top stories
Swipe. Select. Stay informed.
Singapore Seller's stamp duty rates for private homes raised; holding period increased from 3 years to 4
Asia Japan urges evacuation of small island as 1,000 quakes hit region
Singapore Multiple charges for man accused of damaging PAP campaign materials on GE2025 Polling Day
Singapore Jail for man who recruited 2 Japanese women for prostitution at MBS
Asia Indonesian rescuers widen search for missing after ferry sinks
World Trump eyes simple tariff rates over complex talks, says letters will start going out on July 4
World Trump's sweeping tax-cut and spending Bill wins congressional approval
Business More Singapore residents met CPF Required Retirement Sum when they turned 55 in 2024
It intends to use the IPO proceeds to deepen market penetration, enhance brand visibility, expand its suite of solutions and its 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
France says ‘major issues' remain despite brandy price accord with China
Sign up now: Get ST's newsletters delivered to your inbox France's Foreign Minister Jean-Noel Barrot (right) and his Chinese counterpart Wang Yi address a joint press conference after a meeting in Paris. PARIS - France on July 4 praised China's steps to settle a trade dispute over European brandy imports but warned that 'major issues' remained unresolved. The signs of a thaw in the row over the alcohol came as China's Foreign Minister Wang Yi met French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot in Paris. In recent months China and the European Union have butted heads over Beijing's generous subsidies for its domestic industries. Beijing launched an investigation in 2024 into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies. In the latest salvo, China will from July 5 require European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 per cent. Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs as long as they stick to an agreed minimum price. France's cognac makers' association BNIC, which includes key producers Hennessy, Remy Cointreau and Martell, confirmed that some companies had agreed to price increases in China to avoid anti-dumping taxes. Top stories Swipe. Select. Stay informed. Singapore From temples to towers: Old memories collide with new money in Geylang Singapore Clans of Geylang: The fight for survival and revival World Hamas says it responds to Gaza ceasefire proposal in 'a positive spirit' Asia Surviving 40 deg C summer in Chongqing, one of China's hottest cities Singapore PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE Singapore 20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Asia JB petrol station shooting: Dead man with bullet wounds dumped at hospital Mr Macron and Mr Barrot praised China's steps to resolve the dispute but stressed they would discuss the outstanding differences with Mr Wang. 'This is a positive step towards resolving this dispute, which was threatening our exports,' Mr Macron said on X. 'I will continue to raise these issues with the Chinese authorities this afternoon.' In a statement to AFP, Mr Barrot said: 'Several major issues remain unresolved, in particular the exclusion of certain players from the scope of the exemptions.' 'We remain fully committed to reaching a definitive solution based on the conditions that existed prior to the investigation,' he said. Mr Wang has held fraught meetings in several European countries this week. After meeting Mr Macron and Mr Barrot, Wang told a press conference: 'The two sides had in-depth, active and sincere exchanges on Sino-French and European relations.' No mention was made of the brandy dispute. Almost all EU brandy is cognac produced in France, whose exports to China are worth €1.4 billion (S$2.1 billion) per year. French liquor giant Jas Hennessy said it would face levies of 34.9 per cent if it did not stick to the deal. Remy Martin will be hit with 34.3 per cent and Martell 27.7 per cent. 'The decision to accept the price commitment once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation,' a Chinese commerce ministry spokesperson said in a statement. However, the European Commission kept up criticism of China's new tariffs. 'We believe that China's measures are unfair. We believe they are unjustified,' said commission trade spokesman Olof Gill. 'We believe they are inconsistent with the applicable international rules and are thus unfounded.' Upcoming summit China has sought to improve relations with the European Union as a counterweight to the United States. But frictions remain, including a yawning trade deficit of US$357.1 billion (S$455.03 billion) between China and the EU, as well as Beijing maintaining close ties with Moscow since Russia invaded Ukraine. The trade row blew up in 2024 when the EU moved to impose hefty tariffs on Chinese electric vehicles, arguing that Beijing's subsidies unfairly undercut European competitors. Beijing rejected the accusation and announced what were seen as retaliatory probes into imported European pork, brandy and dairy products. The EU imposed extra import taxes of up to 35 per cent on Chinese electric vehicles in October. Beijing lodged a complaint with the World Trade Organisation, which in April said it would set up an expert panel to investigate. China and the EU are to hold a summit in July to mark the 50th anniversary of their diplomatic ties. But Bloomberg News reported, citing unnamed sources, that Beijing would cancel the second day of the summit , in a sign of the tensions. AFP
Straits Times
2 hours ago
- Straits Times
French President Macron announces ‘historic' Airbus-Malaysia Airlines deal
Sign up now: Get ST's newsletters delivered to your inbox PARIS - French President Emmanuel Macron said on July 4 there had been an historic deal between Airbus and Malaysia, as Mr Macron hosted Malaysian Prime Minister Anwar Ibrahim in Paris. Mr Macron said such deals highlighted the importance of trade between France and Asia, as Europe faces up to likely tariffs from US President Donald Trump. 'I am thinking of the projects signed in the key minerals sector, in the rare earths sector with the company Carester which has just opened up a factory in the region of Lacq, the transport sector with this historic co-operation between Malaysia Airlines and Airbus, and in the energy transition sector,' said Mr Macron. Industry sources told Reuters this week that Airbus was close to winning an order from Malaysia Aviation Group for more A330neo long-haul jets. 'Airbus has been our focus. Malaysian Airlines 20, and AirAsia another 50,' added Mr Anwar. REUTERS
Straits Times
2 hours ago
- Straits Times
West Indies stage stunning fightback to trail Australia by 45 in Grenada
Sign up now: Get ST's newsletters delivered to your inbox Cricket - Ashes - Fifth Test - England v Australia - The Oval, London, Britain - July 30, 2023 Australia's Usman Khawaja in action Action Images via Reuters/Paul Childs West Indies were bowled out for 253 in their first innings of the second test in Grenada on Friday, trailing Australia by 45 runs at stumps after a dramatic second day that saw early promise turn to utter collapse before a thrilling lower-order fightback. Australia were 12 for two when play was called off, having lost Sam Konstas for a duck when he was bowled by Jayden Seales, and Usman Khawaja for two runs when Seales trapped him lbw. What began as a Friday of fluctuating fortunes for the hosts became a tale of extraordinary resilience, with the West Indies tail staging a spirited recovery to keep alive the test match and series. The morning session belonged to John Campbell until a moment of madness cost him his wicket on 40. The West Indies left-hander looked in fine touch, striking five fours and a six, before attempting an ambitious shot off Beau Webster that he could only sky for a simple catch to Mitchell Starc at mid-on. Kraigg Brathwaite's milestone 100th Test got off to the worst possible start when he fell for a duck in just the second over after being caught and bowled by Josh Hazlewood. Keacy Carty also departed cheaply for six, falling to a spectacular catch by Pat Cummins off his own bowling. Top stories Swipe. Select. Stay informed. Singapore From temples to towers: Old memories collide with new money in Geylang Singapore Clans of Geylang: The fight for survival and revival Singapore PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE Singapore 20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Banks tighten vigilance and processes following $3b money laundering case Asia JB petrol station shooting: Dead man with bullet wounds dumped at hospital Singapore Trilateral work group formed to address allegations of foreigners illegally taking on platform work The afternoon session began ominously for West Indies when Roston Chase became Hazlewood's second victim in the first over after lunch, falling lbw for 16 via a successful Australian review. Brandon King and Shai Hope then steadied the ship with a patient partnership that saw King reach 75 with some authoritative strokeplay. King's innings was a masterclass in controlled aggression, while Hope grew in confidence alongside him, striking boundaries with a flourish and looking increasingly comfortable. The session was not without its lighter moments either, as play was briefly interrupted when a dog wandered on to the field, trotting around casually before Cummins helped to shepherd it back over the boundary rope. Cummins, as he so often does, produced a moment of magic to break the crucial King-Hope partnership and swing the tide back in Australia's favour. The Australian captain cleaned up Hope on 21 with an absolute peach of a delivery, triggering a collapse that saw West Indies slump from a promising position to 174 for seven, after King and Justin Greaves (1) departed soon after. At that point, the hosts seemed headed for a substantial deficit chasing Australia's first innings total of 286, but the West Indies tail had other ideas. Alzarri Joseph was the chief architect of the fightback, smashing 27 from 49 balls, while Shamar Joseph provided equally valuable support with 29, before falling to Starc. The tail-end resistance proved nothing short of remarkable, with Anderson Phillip contributing a gritty 10 from 40 balls and Seales adding a valuable seven runs as the last-wicket partnership frustrated Australia's bowlers. The lower order added 79 crucial runs for the last three wickets to keep alive West Indian hopes. The final wicket of the hosts' innings fell when Travis Head took a low catch to dismiss Phillip, with the third umpire ruling the catch clean despite replays suggesting it was touch-and-go. Nathan Lyon was Australia's most successful bowler with three wickets for 75 runs from 19 overs. Hazlewood and Cummins claimed two wickets apiece but even they could not prevent their hosts from rallying. Australia's failure to deal with the West Indies tail will be a source of frustration for the tourists, but they can take comfort from the fact that their narrow lead could still prove crucial if the pitch deteriorates further. Australia lead the three test series 1-0 after winning the opener in Bridgetown. REUTERS
