SOC - SOCO Corporation

[System]

SOCO Corporation is a fast-growing privately-owned services and consultancy business in the Australian IT services market. SOCO provides a range of IT services, with a principle focus on delivery and support for enterprise grade software solutions built on Microsoft cloud technology such as SharePoint, Dynamics, Office 365, Azure, Business Central, and the Power Platform.

SOCO provides services to a diverse range of public and private sector organisations. SOCO's key target markets include federal government, further and higher education, local and state government, engineering and resources, and not-for-profits.

Key to SOCO's success is its Discover, Design, Deliver, Drive® methodology that is designed to support collaboration and alignment with its clients and establish a genuine partnership model at the heart of client relationships.

It is anticipated that SOC will list on the ASX during December 2022.

SOCO – Making Big Ideas Real | SOCO

SOCO has become one of Australia’s most highly regarded information management consultancies by doing something revolutionary – putting people at the very centre of what we do.

soco.com.au

 

[Dona Ferentes]

Listing date	23 December 2022 ; 11:00 AM AEDT ##
Company contact details	https://soco.com.au/ Ph: 1300 364 833
Principal Activities	Industrial
GICS group	TBA
Issue Price	AUD 0.20
Issue Type	Ordinary Fully Paid Shares
Security code	SOC
Capital to be Raised	$5,000,000
Expected offer close date	13 November 2022
Underwriter	Not underwritten. Sequoia Corporate Finance Pty Ltd (Lead Manager).

 

[rcw1]

Good afternoon,

The share price of Brisbane-based firm SOCO (SOC) closed today (23/12/22) at 26c from an issue price of 20c after it had raised $5m in its oversubscribed initial public offering. SOCO chief executive Simon Forth has been quoted saying 74 per cent of the company's employees took up or were gifted shares as part of the IPO.

Interestingly, the company was founded in 2013 by IT consultants working on projects for the Queensland Education Department.

This is the companies first capital raising since it was founded almost a decade ago and will help fund an expansion into New South Wales and Victorian markets.

SOCO's founding management team retained a 79.2 per cent stake in the firm and elected to voluntarily escrow all of their holdings for a year from listing.

Those interested, kindly find attached a couple of announcements today. Conduct your own due diligence.
Not holding.


Have a safe and happy Christmas and prosperous new year.

Kind regards
rcw1

 

[levin123]

At first glance tidy result. Normalising out IPO expenses NPBT grew by 20%. Still no debt.

What is a little concerning is EBIT margin dropping from ~18% to 15%, but that may be the cost of new staff onboarding before they are properly utilised.

Overall I think this is a fine result and keen to see where we go this year. I'm in at 27c which I'm okay with