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Autocount’s IPO achieved an oversubscription rate of 167 times

KUALA LUMPUR: Autocount Dotcom Berhad, which is involved in the development and distribution of financial management software, has announced an oversubscription rate for its Initial Public Offering (IPO) of 167 times, ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad on May 9.

Throughout the public subscription period from April 14, to April 25, Autocount received an exceptional 35,436 applications for 4.6 billion shares, with a value of RM1.5 billion, of 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 9 May 2023.”

The Company aims to raise proceeds of RM30.9 million from its IPO, of which approximately 56.2%, or RM17.3 million, 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.

Moreover, an additional 16.9% of the IPO proceeds, totalling RM5.2 million, will be allocated for research and development initiatives. This investment will empower Autocount to strengthen its research and development 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 million.