First day of dealings and Admission to trading on AIM
Placing to raise £1m
14 August 2013
RapidCloud International plc, the computing services, web hosting and web solutions provider based in Southeast Asia, is pleased to announce its admission to trading on AIM at 08:00am UK time today. Dealings in the Group's ordinary shares will trade under the ticker AIM: RCI.
- The placing has raised approximately £1m (before expenses), through the placing of 1,851,948 new ordinary shares at 54p per share. The placing has been arranged by Allenby Capital and First Columbus LimitedThe number of ordinary shares in issue immediately after admission will be 17,368,971 giving the Company a market capitalisation of £9.4m
- The purpose of the IPO is to fund continued growth in RapidCloud’s business, and the net proceeds of the placing will be used by the Group for geographical extension and expansion, in particular into Indonesia where the Group does not yet have a local presence, as well as of its Thailand and the Philippines offices. In addition, funds will be used to enhance and add to the Group’s sales and marketing teams, to continue the Group’s investment in innovation and R&D, and for infrastructure expenditure and working capital purposes.
- Allenby Capital Limited is acting as Nominated Adviser and Broker to RapidCloud
- RapidCloud’s trading symbol is RCI and the Company’s ISIN code is JE00B8FX4C95
RapidCloud is one of the few integrated subscription-based computing solutions providers in Malaysia that offers its services through all three currently available segments of Cloud Computing (Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service).
Formed in 1999 the Company has established, scalable operations with a base of over 36,500 customers including small and medium sized enterprises, government agencies, multi-national corporations and large scale enterprises.
The Group provides a range of proprietary products, including core web and mobile site builders and e-commerce products, and also engages in bespoke development projects. RapidCloud has an extensive in-house R&D department that both develops new proprietary products and tailors existing products based on customer feedback, resulting in substantial generation of the Group’s own intellectual property.
These offerings have been validated through orders from a number of notable customers including Deloitte, BAE Systems, Canon, AmAssurance, AmBank, the Securities Commission of Malaysia and the Companies Commission of Malaysia as well as over 36,500 small and medium enterprise clients, government agencies, multi-national corporations and large scale enterprises.
RapidCloud is profitable, cash generative, anticipates paying a regular dividend (subject to the availability of funds and capital requirements), has a net cash position and achieved a gross margin of 68% for the year ended 31 December 2012. The Group has also achieved a compound average growth rate in revenues of 25% between 2010 and 2012 and this is underpinned by solid recurring revenues.
An independent industry report by Frost & Sullivan in 2013 estimates that between 2013 and 2015 the Cloud Computing industry in Asia Pacific will grow at a CAGR of 49.6%, giving revenues in the region of US$5.6 billion by 2015.
The Directors believe that RapidCloud’s success to date results from it being a one-stop-shop provider that offers integrated web hosting, software development and computing solutions through the three currently available Cloud Computing delivery models.
Raymond Chee, Managing Director and Founder of the Group commented: "We are delighted to be joining AIM at this crucial time in RapidCloud’s growth and development. The fundraising will enable us to increase our sales capability and accelerate our strategy of geographic expansion in order to capitalise on the rapidly growing demand for cloud computing solutions within Southeast Asia - an area with a population greater than that of the European Union. Alongside this, we will be able to maintain the high levels of research and development which have been a key component of our business.
"We are confident of continued strong growth and look forward to delivering value to our shareholders.”
For further information, please visit www.rapidcloudasia.com or contact:
|RapidCloud International Plc
Raymond Chee, Managing Director
David Cotterell, Chairman
|Allenby Capital, Nominated Adviser and Joint Broker
|Tel: +44 (0)20 3328 5656|
|Walbrook, Financial PR and IR
|Tel: 44 (0)20 7933 8792
RapidCloud, one of the few integrated subscription-based computing solutions providers in Malaysia that offers its services through all three currently available segments of cloud computing. The Company is based in Southeast Asia and is one of the few solutions providers in the region to deliver its offerings through all three available Cloud Computing segments, i.e. Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service.
Formed in 1999 the Company has a well-established cloud offering with a customer base of 37,000. These are predominantly SMEs but also include blue-chip clients such as Deloitte, BAE Systems and Canon, for which RapidCloud’s extensive R&D department creates bespoke software solutions.
RapidCloud currently has operations in Malaysia, Thailand and the Philippines and has plans to expand into Indonesia. According to industry research commissioned by RapidCloud from Frost & Sullivan in 2013, the Cloud Computing industry in Asia Pacific is expected to grow at a CAGR of 49.6% between 2013 and 2015, giving a market size of US45.6 billion by 2015.
RapidCloud International plc was admitted to AIM on 14 August 2013.