Century Software plans to raise RM21.4mil from IPO

Century Software Holdings Bhd, a financial management software solutions provider, plans to raise RM21.4mil from its initial public offering (IPO).

Samsul Husin, the company deputy executive chairman said the company planned to enlarge its current R&D team and use part of the IPO proceeds together with internally-generated cash flows to develop new applications and solutions.

“The IPO is aimed at not only to create a higher profile for the group but more importantly to take R&D capability to the next level,” he said.

Century Software's IPO entails a public issue of 23 million new ordinary shares and an offer-for-sale of 10.9 million vendor shares at an issued and offer price of 93 sen each.

Of the public issue of 23 million new shares, 8.55 million shares are for private placement to selected investors, 5.8 million shares for eligible directors, employees and business associates and 8.65 million shares for the public via balloting process.

Century Software expects to issue its prospectus and list on Bursa Malaysia in January next year.

Kenanga Investment Bank Bhd is the adviser, sole underwriter and sole placement agent for the IPO.