Singapore-headquartered Info-Tech Systems has officially launched its initial public offering (IPO), pricing 24.86 million shares at S$0.87 apiece, ahead of its anticipated debut on the Singapore Exchange (SGX) mainboard on July 4.
The SaaS-focused software services provider registered its prospectus on Friday, June 27, and becomes the first pure-play HRMS and accounting software provider to list on SGX. It will also mark the first mainboard listing in nearly two years, following the debut of livestreaming platform 17Live Group in late 2023.
It is the second listing on SGX this year, following Vin’s Holdings’ Catalist listing in April, and joins an expanding IPO pipeline that includes Lum Chang Creations and NTT’s data centre Reit.
A Homegrown Play
Speaking to The Business Times, co-founder and CEO Dilip Babu said the company’s roots and revenue are firmly tied to Singapore. “We are a Singapore-born company and the majority of our revenue comes from Singapore,” he said. “The country is known for good standards, regulations and compliance, which gives us good branding in the local market as well as overseas.”
He added that SGX offers the right platform for faster growth and stronger visibility compared to other exchanges.
IPO Structure & Proceeds
Info-Tech is offering 24,856,000 shares, including 5 million shares to the Singapore public and 19,856,000 shares to institutional and other investors outside the US. Executive chairman Peter Lee has also granted an over-allotment option of 4.9 million shares, representing about 19.7% of the total offering.
Cornerstone investors – comprising Lion Global Investors, Maybank Asset Management Singapore, and Nikko Asset Management Asia – have subscribed to 41.14 million shares, including 27.35 million new shares and 13.79 million shares sold by Lee.
Post-offering, Info-Tech will have 258 million shares in issue, giving it a market capitalisation of approximately S$224.5 million. The base deal size totals S$61.7 million, including overallotment.
The IPO is expected to raise net proceeds of about S$23.4 million, which will be allocated to:
The public offering closes at 12 PM on July 2, with trading set to begin on July 4.
Strong Fundamentals and Growth Profile
Founded in 2007 by Lee and Babu, Info-Tech Systems focuses on SME-friendly, cloud-based HR and accounting software, with presence in Singapore, Malaysia, Hong Kong, and India.
Its financials reflect robust growth and profitability:
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Revenue rose from S$30.8 million in FY2022 to S$43.7 million in FY2024 (CAGR: 19%)
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Profit after tax surged from S$7.2 million to S$12.3 million in the same period (CAGR: 31.1%)
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PAT margin expanded from 23.3% to 28.2%
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Net cash stood at S$29.7 million with no bank borrowings as of Dec 31, 2024
Although there is no fixed dividend policy, Info-Tech has committed to pay out at least 50% of net profit from the listing date to the end of FY2026.
Market Outlook
CEO Babu highlighted promising growth in cloud-based software for SMEs across all four of its operating markets. The HR and accounting software segment is projected to grow at a CAGR of between 7.2% and 11.9% from 2025 to 2029.
He said Info-Tech plans to become a comprehensive digital platform for businesses, expanding its portfolio to cater to end-to-end SME needs.
Investment Banking Roles
As SGX looks to rekindle its IPO pipeline, Info-Tech Systems’ offering represents a notable milestone: a profitable, tech-native company with regional ambitions and strong institutional backing.
Its public debut is poised to test investor appetite for mid-cap SaaS businesses in a maturing Southeast Asian tech ecosystem.
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