IFCA Technologies is set to list on the JSE's Alternative Exchange (AltX) on Friday as one of the last listings of 2006.
The company, which provides custom-made and scalable software solutions for small to large companies and a range of complementary computerised equipment for business and educational use, says it has been given the go-ahead by the junior bourse's advisory committee.
IFCA is on a roadshow that seeks to raise R5 million through placing shares with private investors. It will issue 10% of its shares at a listing price of 50c per share.
CEO Boon Kee Wong says the company is excited at the prospect of being a listed company. "Our decision to list reflects the commitment of our Malaysian controlling shareholder to SA and to growing the business in both SA and Africa off our well-established South African base."
IFCA seeks to list in order to "accelerate its transformation into a significant African IT player". It says the listing will enable this through enhancing its profile, attracting the "best possible" staff, strengthening its balance sheet and opening branches in the Western Cape and KwaZulu-Natal.
The company also intends enlarging its sales force and "developing a more active and vibrant business partner recruitment, training and support programme to open new markets within SA and throughout the rest of Africa".
IFCA says it should see R16.1 million in revenue and R13.1 million in gross profit at the end of this year. Its prediction to the end of 2007 shows revenue of R34.2 million and gross profit of R23 million. By the end of the following year, the company expects to be earning R48.6 million, with a gross profit of R27.9 million.
The company dates its existence back to 1999, when its forerunner was established. Its majority shareholder is Malaysian firm IFCA MSC Berhad, which was established in 1987 and listed on the Kuala Lumpur Stock Exchange in 2003.
IFCA MSC Berhad acquired a majority stake in IFCA Technologies in 2004 and, since then, IFCA Technologies has expanded its operations through the establishment of business partnerships to include Botswana, Kenya, Namibia and Swaziland.
Commenting on the listing, Noah Greenhill, senior GM of marketing and business development at the JSE, said: "We are delighted with the IFCA listing. It is exactly the sort of company we aim to attract to AltX and we wish them everything of the best as they join our ranks as one of the final AltX listings for 2006."
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