PETALING JAYA: Autocount Dotcom Bhd, which is principally a developer and distributor of financial management software, made a strong debut on the ACE Market of Bursa Malaysia Securities today.
It opened at RM1.09, a premium of 76 sen or 230%, over its initial public offering (IPO) price of 33 sen a share. However, it closed at 75 sen, 42 sen or 127% over its offer price, with 277.3 million shares traded.
Autocount is poised to expand into the Asean markets. The group’s growth strategy will involve entering the Philippines, Indonesia, Thailand and Vietnam, building upon its successful penetration into the Singapore market since 2017.
Autocount’s IPO was 167 times oversubscribed by the public and it raised RM30.88 million.
Following the listing ceremony, Autocount executive chairman Choo Chin Peng said its track record in Singapore is their blueprint for entry into nascent Asean markets.
Autocount managing director Choo Yan Tiee said, “Today’s listing signifies the beginning of our next growth phase. We would like to express our heartfelt gratitude to all our shareholders for their unwavering support and confidence in our vision and growth strategy. As we embark on this exciting journey of regional expansion, we remain committed to delivering sustainable, long-term value for our shareholders.”
The localisation efforts and market penetration strategies that Autocount implemented in Singapore have yielded stellar results, leading to significant revenue growth. In merely five years, the Singapore market represented 18.7% of the group’s total revenue in FY22.
Towards that end, the group plans to allocate 56%, or RM17.4 million, of the listing proceeds towards bolstering its presence across the Asean region. By strategically setting up local sales offices, Autocount aims to enhance its software’s visibility among regional clients while delivering superior customer experience.
For its first quarter ended March 31, 2023, Autocount posted a net profit of RM3.66 million or earnings per share of 0.8 sen, on the back of revenue of RM10.42 million.
