Coupled with its cash hoard before the initial public offering (IPO), Kande and Tan note that the company, with $60 million in cash, is well-positioned to expand into new markets such as Malaysia and India, where growth potential is higher.
Info-Tech Systems, the first Mainboard listing on the Singapore Exchange in years, is starting to receive more coverage. The company, which provides payroll and other HR software for small- and medium-sized enterprises (SMEs), was listed on July 4, having raised approximately $23 million by selling shares at $0.87 apiece.
Meghana Kande and Tan Jie Hui of CGS International (CGSI), which was one of the joint book runners and underwriters for the listing, were the first to initiate coverage on Aug 12 with an “add” call and $1.10 target price.
