Filtered By: Money
Money

Xurpas unit Xeleb eyes P736.60-M IPO


Tech firm Xeleb Technologies Inc. (XLB) on Tuesday announced plans to debut on the Philippine equities market later this year with a P736.60-million initial public offering (IPO).

In an emailed statement, Xeleb said it has filed registration statements with the Securities and Exchange Commission (SEC) on offering up to 290,000 common shares in December. The company initially priced its IPO shares at P2.04 to P2.54 apiece.

The shares make up 19.68 percent of the company's total outstanding capital stock, and will be issued out of the company's authorized and unissued capital stock.

The company expects to raise as much as P591.60 to P736.60 million from its maiden share sale. The net proceeds from offer shares – minus the estimated fees and expenses – would likely be P533.28 to P667.51 million, according to the company's prospectus.

"XLB plans to use the net proceeds for ongoing product development, regional expansion to Southeast Asia, and for general corporate purposes," it said in a separate statement.

The company tapped SB Capital Investment Corp. as sole issue manager, underwriter, and bookrunner for the transaction, as did parent Xurpas Inc. – the developer of digital products and services for mobile phones – when it went public in October 2014.

Originally founded as Fluxion Inc. in 2001, Xeleb claims to be the country's first and largest celebrity-branded and themed casual games company.

Two companies have so far conducted separate IPOs on the Philippine Stock Exchange this year, including the P778-million market debut of Golden Haven Memorial Park Inc. in June, and the P25.1-billion share sale of Cemex Holdings Philippines Inc. in July http://www.gmanetwork.com/news/story/574074/money/companies/cemex-philippines-rises-4-2-in-market-debut.

Other companies planning list on the exchange are TVI Resource Development (Philippines) Inc. (P1.66 billion), Pointwest Technologies Corp. (P2.21 billion), Green Power Panay Philippines Inc. (P222.8 million), Audiowav Media Inc. (P2.66 billion), and Shakey's Pizza Asia Ventures Inc. (P5.5 billion). — Jon Viktor Cabuenas/VDS, GMA News

LOADING CONTENT