SINGAPORE: Axis Systems Holdings Ltd, a Malaysia-based company which provides software solutions to banks, said it has launched an initial public offer (IPO) of 42.9 million new shares at 31 Singapore cents per share.
Of the offer size, 8.6 million shares will be offered to the public while 34.3 million are for placement, the company said in a prospectus filed with the Monetary Authority of Singapore.
Axis Systems said it expects to raise net proceeds of S$11.5mil from the IPO, which it would use to fund regional expansion and the development of its software.
HL Bank was appointed as manager, underwriter and placement agent for the IPO.
The offer closes on March 10 and the stock is due to start trading on March 12.
The company posted net profit of RM13.044mil in 2002 on sales of RM19.32mil, compared with a net profit of RM7.551mil and sales of RM16.385mil in 2001. AFX