ePerformax targets P4 billion from planned IPO

Filipino call center ePerformax International, Inc. will raise P4 billion through a planned initial public offering (IPO). The company will use the proceeds of the public offer of 223 million common shares to fund expansion and repay debts. The planned IPO has been slated for the first quarter of 2008. ePerformax has tapped Sy-led BDO Capital & Investment Corp. as the issue manager and lead underwriter for the shares sale involving 155 million new shares and 68 million secondary shares. The company, however, has yet to submit its IPO application to the Securities and Exchange Commission. "Our unique positioning will furnish the investing public with a compelling growth story and a sound investment moving forward in this process," ePerformax President and Chief Executive Officer Teresa D. Hartsaw said in a statement. Representing 33.8% of the total issued and outstanding capital stock of the company after the IPO, the shares will be offered at P12.50 to P18 each. BDO Capital President Eduardo V. Francisco expressed confidence on the company’s IPO prospects. "It has the best global clients with repeat and growing business," he said. The proceeds will be used to finance acquisition or development of businesses, capital expenditures to support expansion, increased working capital needs, and loan repayment. "We believe that the local BPO industry is still underserved and there is till ample room for expansion. Either thru acquisitions or building from the ground up, our competitive advantage in human resource training and operational efficiencies will give us the edge that we need to move forward successfully," Ms. Hartsaw added. ePerformax opened its contact center in Makati in 2002. The company is the first call center to be accredited by the Philippine Technical Education and Skills Development Authority (TESDA) to conduct its finishing course for call center agents. It also has a branch in Cebu. "This course enables ePerformax to hire and train call center ’near hires’ as part of President Gloria Macapagal-Arroyo’s program to support the country’s fast-growing BPO industry," the statement read. iRemit’s shares sale Meanwhile, nonbank remittance company I-Remit, Inc. claims demand for its shares is strong, with allocation for member brokers of the Philippine Stock Exchange (PSE) being 5.1 times covered, or 412% oversubscribed. In a statement, First Metro Investment Corp. Executive Vice- President Jose Pacifico E. Marcelo said the offer period followed iRemit’s institutional bookbuilding, which was 3.7 times covered or 270% oversubscribed. First Metro is the underwriter for iRemit’s IPO. "The company’s strong fundamentals, the bullish sentiment at the Exchange, and the pricing strategy of the existing shareholders have all contributed to this result," said Mr. Marcelo. The offer period ends today with the listing date set on Oct. 17. iRemit is offering 140,604,000 common shares to the public, with 107,417,000 new common shares by way of a primary offer and 33,187,000 existing shares will be through a secondary offer. With an offer price of P4.68 per share, the company expects to raise P658 million in proceeds. AB Capital and Investment Corp. and RCBC Capital Corp. are participating underwriters. Lead selling agents for the Local Small Investors allocation are CitisecOnline.com, First Metro Investment, and First Metro Securities Online. — Ruby Anne M. Rubio and L. N. P. Lee/BusinessWorld