The software services company saw 200.88 million shares changing hands by midday.
Autocount offers a financial management software that consists of accounting, point of sales, and payroll services, which can be utilised by businesses and companies on a standalone basis.
With an enlarged share capital of 550.5 million shares, Autocount had expected to make RM30.88 million from the IPO exercise, reaching a valuation of RM181.67 million.
The company did not announce a dividend policy yet, but its managing director Choo Yan Tiee has said the initial focus would be on its expansion. Cash would also be reserved for advertising and promotional costs.
Autocount said in a statement that it has sold roughly 70,000 software licences to about 210,000 businesses in Malaysia and Singapore.
At a press conference today, Choo said the company has started its localisation in several Asean countries, which include the surveying of offices, following the group’s expansion plans.
Choo said “By next week, we are making our trip to the Philippines, followed by Thailand, then Vietnam by the end of the month, and Indonesia”.
In its IPO prospectus, Autocount had earmarked RM17.3 million or 56% for expansion, and RM5.2 million or 17% for research and development in existing software and new software development.
Another RM4.42 million or 14% will be used for the company’s working capital and RM3.9 million or 13% will be for listing expenses.
The offering comprises a public issuance of 93.59 million new shares or 17% of its enlarged share base, and an offer for sale of 44.04 million shares.
Its 2022 financial year (FY2022) profit after tax was RM13.8 million compared to RM10 million a year earlier, while revenue in FY2022 stood at RM38.7 million from RM29.5 million the previous year.
Autocount’s IPO performance counts as one of the best IPO performances on Bursa Malaysia this year, trumped only by Oppstar Bhd, which opened at a premium of 285.71% and TT Vision Holdings Bhd at 276.47%.
Malacca Securities Sdn Bhd was the principal adviser, sponsor, underwriter and placement agent for the listing exercise.
Since its opening, Autocount has pared down its gains by 36.25% or 29 sen to 80 sen at press time, valuing the company at RM438 million.