Info-Tech Systems files for Singapore listing, eyes HK and India expansion

SINGAPORE: Info-Tech System, a Singapore-headquartered software company, has submitted a preliminary prospectus to the Monetary Authority of Singapore (MAS) for a potential share sale on the SGX Mainboard. If successful, it will be the second company to list this in Singapore to date.

The company, a cloud-based software-as-a-service (SaaS) provider in the human resources (HR) tech space, will use funds raised from the share sale to expand into Hong Kong and India, grow its engineering and executive teams, and for product development. Currently, it has a presence in Malaysia.

According to information in its prospectus, it serves more than 23,000 organisations with an active user base exceeding 850,000. Most of these users are primarily among small and medium-sized enterprises (SMEs) in Singapore, Malaysia and elsewhere.

The initial public offering (IPO) will include both new shares and vendor shares from executive chairman and co-founder Peter Lee Kim Heng and executive director Yeoh Sin Yee. Mr Lee will keep a significant stake after the listing. Vendor shares allow current shareholders to cash out their investments partially.

Oversea-Chinese Banking Corporation (OCBC) is the sole issue manager and global coordinator. CGS International Securities and OCBC are acting as joint bookrunners and underwriters.

Info-Tech has secured cornerstone commitments for 41.144 million shares from major institutional investors such as Avanda Investment Management, Dymon Asia, Lion Global Investors, Nikko Asset Management, and Maybank Asset Management.

In its prospectus, Info-Tech reported a 15% increase in revenue to S$43.7 million for the financial year ending Dec 31, 2024. This growth was driven by higher adoption of its cloud-based accounting software. Net profit rose 17.6% to S$12.3 million. The company also achieved a 91% customer retention rate for the year, supported by its SME-focused approach and recurring subscription model.

“SMEs remain our main market,” the company stated, highlighting the sector’s quick adoption of HR and payroll automation solutions. Info-Tech’s human resource management software (HRMS) platform provides modular, integrated tools designed to simplify HR, payroll, and compliance tasks.

If the IPO moves forward, Info-Tech will follow Vin’s Holdings, which was listed on Catalist in April. Candy manufacturer YLF Group Marketing, which filed for a listing in May, later retracted its plans.

Info-Tech’s listing represents a rare debut on the mainboard in a slow local IPO market and may indicate a cautious revival in SGX’s primary listings pipeline. The final pricing, offering size, and listing date are pending regulatory approvals.