At 10am, Securemetric was up 28.5 sen to 53.5 sen. There were 67.03 million shares traded at prices ranging from 45 sen to 54.5 sen.
The FBM KLCI fell 12.22 points or 0.72% to 1,683.92. Turnover was 536.91 million shares valued at RM296.27mil. There were 102 gainers, 489 losers and 187 counters unchanged.
The compaany raise RM17mil from its initial public offering (IPO). The proceeds will mainly be used for the development of new digital security solutions.
Proceeds from the IPO will be used for the development of new digital security solutions (RM5.7mil), working capital (RM5.16mil), business expansion (RM1.7mil), repayment of borrowings (RM1.9mil), as well as to defray IPO expenses (RM2.5mil).
Following the repayment of Securemetric’s borrowings, the group will have zero gearing.
According to the prospectus, the average revenue for the three financial years ended December 31, 2015 to 2017 (FY15 to FY17) – derived from Malaysia, Vietnam, Singapore, the Philippines and Indonesia – accounted for 18.1%, 31%, 4.7%, 7.2% and 11.4 of Securemetric’s average total revenue.
This represents a compound annual growth rate of 86.4% over the three financial years.
Net profit for FY17 was at RM6.08mil, on the back of a revenue of RM44.77mil.
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