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Aztech's IPO shows appetite for growth even as rotation into value strengthens

THE recent IPO of Aztech Global might trigger some nostalgia among long-time participants of Singapore's capital markets.

A manufacturer of smart devices such as security cameras, climate control mattresses and GPS dog collars, Aztech Global is an upgrade of a company that was first listed here in 1994 and whose fortunes reflect shifting trends and investor sentiments.

In 2006, what was then known as Aztech Systems had applied to move its listing from Singapore's secondary board to the mainboard. That year, Aztech's profit nearly doubled as the group cashed in on demand for routers and Skype-enabled digital cordless phones.

Shareholders didn't know it then, but Aztech was approaching its zenith:...

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