Local IT firm dB Wizards eyeing P41.6-M IPO

Information technology company dB Wizards Inc. is seeking to raise as much as P41.6 million by selling its shares to the public. In a prospectus filed with the Securities and Exchange Commission, the company said it will be selling 4 million common shares at an offer price of P7.80 to P10.40 per share. Of the total offer, 1.3 million shares are being issued by the company from its authorized and unissued capital stock and 2.7 million common shares are being reissued and offered by dB Wizards out of its treasury capital stock by way of a primary offer. The company was incorporated in 1999 and offers training and consulting services and Microsoft-based solutions to Microsoft customers in the Philippines. dB Wizards said the IPO proceeds will be used by the company to develop a web-based school management system to cover the primary and secondary levels of education (P7.5 million); fund its initiatives in technology innovation to strengthen its competency in the new and latest versions of Microsoft technologies (P4.5 million); and development of new company-owned products (P16.1 million to P25.9 million). - GMANews.TV