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Tech One offer closes oversubscribed
- — 29 November, 1999 21:49
The Technology One float closed oversubscribed last week following considerable interest in the software developer's initial public offer (IPO).
Australian-based Technology One, which develops software systems for corporate, higher education and government users, planned to $27.85 million from the float and is expected to list on the ASX around next week.
Underwriters to the Technology One IPO, Ord Minnett, reported interest from local financial institutions and retail investors, as well as overseas institutions.
"Its core business is software development which is a high growth sector. Technology One is considered a growth stock with immense potential," Chris Smith, head of Ord Minnett's technology investment banking team said.
Technology One managing director, Adrian Di Marco, said interest in the company was driven by the fact that it was well placed for the future as it is both a product and a services company.
"We're one of the few Australian companies who have been able to successfully commercialise research and development into leading software products for the middle market," Di Marco said.
Technology One's profit after tax has increased annually by 65 per cent in the past two years and on average by 43 per cent per annum over the past seven years.
For the 2000 financial year, the company has forecast revenues will rise to $31.1 million, while net profit will be up 49 per cent to $5.5 million.