Globe subsidiary Asticom eyes IPO in next five years

Globe Telecom Inc.’s wholly-owned subsidiary Asticom Technology Inc. is planning to go public in the next five years with the firm now working on a possible strategic partnership, officials announced on Wednesday.

According to president and chief executive officer Mharicar Castillo-Reyes, the company is optimistic on growth prospects moving forward after recording P2.7 billion in revenues last year, which it hopes to grow to P4 billion this year.

“It is part of our five-year plan to go public and to have that IPO, so yes, that is part of the growth strategy of the Asticom Group of Companies in order for us to continue growing the portfolio of businesses,” she told reporters in a virtual briefing.

Asticom is a staffing solutions platform, which provides general services such as finance and administrative works, sales and retail, digital marketing, and creatives, along with information technology services.

Its subsidiaries include IT and business process solutions firm Asti Business Services Inc. (ABSI) which aims to be the top share services company in the Philippines and Asia by 2029, and human resources business solutions firm HCX Technology Partners which seeks to be the preferred HR technology firm.

Subsidiaries also include engineering and tech solutions Fiber Infrastructure and Network Services Inc. (FINSI) which seeks to be the leading edge provider for the telecommunications and technology industries, and logistics solutions firm BRAD Warehouse and Logistics Services Inc. which aims to revolutionize logistics technology and solutions.

Reyes said the group plans to spend close to 10% to 15% of its total profit, with 60% to 70% of the spending plans going to the FINSI.

She also said the group plans to boost its workforce by as much as 15,000 in the next three to five years, along with expanding its business portfolio through the acquisition of more firms.

The firm will also continue to work on a hybrid working arrangement, citing that the face-to-face setup brings a level of collaboration and synergies that do not come with remote working.

Aside from Asticom, Globe’s subsidiaries include Innove Communications Inc., GTI Business holdings Inc., Kickstart Ventures Inc., Globe Capital Venture Holdings Inc., Bayan Telecommunications Inc., TaoDharma Inc., GTowers Inc., Yondu Inc., and Electronic Commerce Payments Inc.

Shares of Globe were trading up P18.00 or 0.75% at P2,408.00 apiece as of 11:42 a.m. on Wednesday. —KG, GMA News