by HAJAR UMIRA MD ZAKI

AUTOCOUNT Dotcom Bhd unveiled its prospectus for its upcoming IPO today as it prepares to list on the ACE Market of Bursa Malaysia. The company aims to raise RM30.88 million through the IPO.

The group plans to allocate around 56% or RM17.3 million of the funds raised for expansion in the Asean region, according to a company statement.

Autocount Dotcom MD Choo Yan Tiee explained that following a successful entry into Singapore’s market in 2017, the company plans to expand to other countries in the region.

“We are targeting four countries which are Thailand, Indonesia, the Philippines and Vietnam.

“In fact, we have started doing groundwork there and we also have started hiring and looking for an office there.

“Before we enter the market, we need to legalise the software to suits the four countries,” he said during the company’s prospectus launch today.

The group also intends to allocate 17% of the IPO proceeds (equivalent to RM5.2 million) towards the research and development of its existing product suite.

The remaining funds raised will be divided between working capital and listing expenses.

Autocount Dotcom has announced an issue price of 33 sen per share for its IPO, which will comprise a public issue of approximately 93.6 million new ordinary shares and an offer for sale of 44 million existing shares.

Of the new shares, 27.5 million are available for public application, 11 million are reserved for eligible employees and contributors and 55.1 million will be offered to selected investors via placement.

Additionally, 44 million existing shares will be sold through private placement to selected investors.

Autocount Dotcom specialises in developing and distributing financial management software, including accounting, point of sale (PoS) and payroll solutions, under the AutoCount brand.

To date, the company has sold over 70,000 AutoCount software licences, which are utilised by around 210,000 businesses and companies primarily in Malaysia and Singapore.