Xurpas gets Best Small Cap Equity Deal citation

MANILA, Philippines - Consumer technology firm Xurpas Inc. has received the Best Small Cap Equity Deal citation from Hong Kong-based institutional investment magazine Alpha Southeast Asia after holding one of the most successful initial public offerings (IPO) in the Philippines last year.

“We tried to strike a healthy balance between retail and institutional orders in the process of determining the price ceiling and final allocation. While we wanted to price our offering aggressively, we also wanted to ensure that investors would draw a good profit from our offer—the result was Xurpas becoming six times oversubscribed and arguably one of the most successful local listings for the year,” said Xurpas president Nix Nolledo.

Xurpas, which raised P1.37 billion from its IPO in December last year, won the regional award during the recent Annual Best Deal and Solution Awards 2014.

On its maiden trading day, the company’s shares surged nearly 50 percent to P5.95 from its listing price of P3.97. It closed at P12.30 last Friday.

“We are glad to receive a citation as early as the first two months of our life as a traded firm. The capital raised from our IPO puts us in an enviable position to take advantage of the growing technology opportunities in the Philippines and the region,” Nolledo said.

In less than a month after its IPO, the company acquired a 21 percent stake in a Singapore registered game development studio called Altitude Games to boost its casual games portfolio.

Xurpas specializes in the development of digital products and services for mobile end-users, as well as the creation and management of proprietary platforms for players in the telecommunications sector.