The JSE`s only IT listing of the year failed to generate much interest yesterday when Beget Holdings made its debut on the venture capital market.
Only four trades took place, with 63 000 shares changing hands.
The first three trades, which accounted for 60 000 shares, were completed by 9.30am.
The share, which was offered to the public at 10c each before yesterday`s listing, closed at 18c. The price was unchanged this morning after 3 600 shares changed hands in one deal.
Beget`s business is the development of software for transmission of data across mobile communications.
The listing was not without controversy as MD Andr'e Potgieter is one of the co-founders of Billcad, later known as Planit Technologies and since liquidated.
Earlier this year Beget attempted a reverse listing through Community Technologies, but that deal fell through.
Beget, which achieved revenue of R1.66 million and earnings after tax of R502 000 in the six months to 30 June, is forecasting revenue of R9.25 million and earnings after tax of R2.86 million for the year to 31 December 2003.
It expected headline earnings of 0.75c a share for the year to 31 December 2002 and 1.15c the following year.
An analyst says given the forecasts, the share is on the expensive side. While speculative investors may be attracted, he says he will wait for the first set of results before looking at the company in more detail.
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