Xurpas IPO generates strong interest

MANILA, Philippines - Xurpas Inc. is unlikely to price its maiden share sale at the maximum despite brisk demand, the IPO-bound technology firm said.

Xurpas said yesterday it has generated robust demand for its shares ahead of an initial public offering (IPO) that will fund its foray into regional markets and domestic expansion.

The company said the order book for the IPO is already more than 100 percent covered at the maximum price of P4.19 per share based on demand generated by SB Capital Investment Corp., the sole issue manager and lead underwriter.

But despite strong demand at the offer price ceiling, Xurpas said it is strongly committed to ensure maximum success of the offering, leaving profits on the table for investors.

“We will probably not price at the maximum. We believe our investors are our partners in this endeavor and we want to share the success of our offering with them,” said Nix Nolledo, president of Xurpas.

To determine the IPO pricing and final allocations, Xurpas said the firm, together with SB Capital, are striving to reach a “delicate balance between retail and institutional orders as well as ensuring that the various participants in this offering, including its other partners, the underwriting syndicate composed of other investment houses, as well as the trading participants and the small investors receive a fair share.”