Founded in 2006, Anacle Systems provides enterprise application software and energy management system to a diversified customer base. Its flagship products, property management system and energy management system, serve several A-listers including Singapore Airlines, CapitaLand and Mapletree and public sector agencies like the Singapore Ministries of Health and Education which use the services to manage hospitals and schools.
The firm raised $693K million in 2011 from iGlobe Partners and another $693K in 2013 when it received $3.4 million from Majuven. Now, Anacle Systems has announced that it has filed for a listing on Growth Enterprise Market (GEM), an exchange set up by Hong Kong Stock Exchange (HKSE) to raise funds between $9 million and $11.7 million. It will issue about 100 million shares with prices ranging between 71 Singapore cents and 91 Singapore cents. Post the listing, the startup’s market capitalisation will vary somewhere between $36 million and $47 million.
In a report published in TechGoondu, Anacle founder and chief executive Alex Lau told they will utilise the capital raised from the IPO to finance its business expansion in China, Hong Kong and South Korea as well as the Middle East. They will double its current 100-strong staff, adding more engineers and sales and marketing hires.
This listing certainly gives a boost to the local startup space as an acquisition or a public listing brings financial gain, hence success to the company. Being the major stakeholder of Anacle Systems, the deal will also prove to be profitable for iGlobe Partners.
Anacle chose to get listed on Hong Kong Stock Exchange due to the greater publicity and better access to a large number of investors and fund managers. The listing exercise began in April 2016 for the 10-year-old company. Lao told the upgrade path to the main HKSE is also faster. He added,
We’ll also have to show a profit of S$30 million in the last financial year. This means we must at least have $100 million revenue to get this profit. This is tough for small companies.
Currently, Anacle operates in Singapore, Malaysia, Taiwan, Qatar, UAE, and other Asian countries.
