The Philippine economy likely sustained its strong growth momentum in the first quarter on recovering farm output and exports and higher government spending, supporting the case for the central bank to tighten monetary policy this year. (Reuters Photo/Erik De Castro)
Philippine Tech Firm Audiowav Plans up to $57 Million IPO
BY :NEIL JEROME MORALES
SEPTEMBER 01, 2016
Manila. Philippine technology company Audiowav Media Inc has filed a prospectus for an initial public offering of up to 2.66 billion pesos ($57.11 million), the corporate regulator said on Wednesday (31/08), in what could be the country's third IPO this year.
Audiowav plans to sell up to 900 million common shares at 1.77 to 2.96 pesos each, and the stock will be listed on the Small, Medium and Emerging Board of the local bourse.
The company, which enables providers to play content in brick and mortar businesses using WAV proprietary devices, hired SB Capital Investment Corp as the sole issue manager and sole bookrunner.
Audiowav said it would use the proceeds to fund its expansion into other Asian countries like Malaysia, Vietnam, Thailand and China next year, and also for research and development, product diversification and general corporate purposes.
The Philippines, which boasts of an active IPO market despite volatility in Southeast Asia, saw Cemex Holdings Philippines Inc raise $536.8 million in the country's biggest IPO in three years in July, while deathcare provider Golden Haven Memorial Park Inc listed via a $16.79 million initial share sale in June.
Pilipinas Shell Petroleum Corp, a unit of Royal Dutch Shell Plc, may raise as much as 29.7 billion pesos ($637.7 million) in November in one of the country's largest stock market listings.