Software provider IFCA Technologies this morning listed on the JSE's Alternative Exchange (AltX) as the country winds down for the traditional festive season break.
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, listed 10% of its shares.
Before the listing, it raised R5 million through a private placement at 50c each. While trades this morning were slow, the company saw two trades take place before 9.30am.
The first trade, at 57c, saw 10 000 shares change hands nine minutes after the market opened. The second trade, at 59c, saw 5 000 shares being bought.
In its prospectus, published on the JSE's news service yesterday, the company said it intends using the funds it has raised to "accelerate the growth of IFCA Tech into a significant African player".
This includes attracting and retaining key staff, enlarging the sales force and opening additional offices in SA.
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.
IFCA Tech, which is an investment holding company, has two main subsidiaries. IFCA sWare focuses on the group's software solutions and services, and IFCA hWare, which was incorporated on 25 October, focuses on the firm's computerised business equipment solutions.
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