Audiowav Media eyes P2.66-B IPO

MANILA, Philippines – Tecnology firm Audiowav Media Inc. is planning to raise up to P2.66 billion from an initial public offering targeted in November.

In a registration statement filed with the Securities and Exchange Commission, Audiowav said the offering would involve 900 million common shares at a price ranging from P1.77 to P2.96 per share.

“The offer shares represent 23.1 percent of the outstanding common shares after the offer and will be issued out of the company’s authorized and unissued capital stock,” Audiowav said.

Based on the indicated offer price range, the company is expected to raise between P1.58 billion and P2.66 billion, which will be used for its expansion in Asia such as Malaysia, Thailand, Vietnam and China.

The company also plans to use a portion of the proceeds for general corporate purposes and long term research and development including expansion of its technology service portfolio. 

Audiowav has developed its own proprietary platform consisting of internally developed software programs and hardware devices designed to enable businesses to create their own customized branding environment in their establishments.

Its services include providing its clients sensory branding as well as playback devices that play pre-programmed songs at pre-set times across several branches of a business without the need for the intervention of the personnel of the client.

It also provides digital screens that play content designed to the specifications of a client and shown at pre-determined times within any given time of the day.

SB Capital will serve as sole issue manager and bookrunner for Audiowav’s planned IPO.

Started in 2003 by its founder Carlos Jose Hinolan, Audiowav now has approximately 2,420 establishments nationwide.

Clients include fast food and restaurant giants Wendy’s, Chowking, and Greenwich, hotel and resort companies Solaire Resort and Casino, Bayleaf Hotel, Power Mac Center and Giordano.

Last year, the company registered  revenues of P76.62 million, higher than the P61.5 million reported in 2014.