MANILA, Philippines – Xeleb Technologies Inc., the celebrity mobile technology company of Xurpas Inc., plans to raise up to P736 million through an initial public offering (IPO) of shares in December.
In a registration statement filed with the Securities and Exchange Commission (SEC), Xeleb said it would offer up to 290 million common shares at a price of P2.04 to P2.54 each share.
“The IPO shares will represent 19.68 percent of the company’s total outstanding capital stock,” Xeleb said.
Xeleb said it would be applying to the list on the small, medium, and emerging (SME) board of the Philippine Stock Exchange.
“The company intends to use the net proceeds from the offer for product development, regional expansion in Southeast Asia and general corporate purposes,” Xeleb said.
Xeleb has tapped SB Capital Investment Corp. as it sole issue manager, underwriter and bookrunner for the IPO.
The mobile technology company was founded in 2001 as Fluxion Inc., primarily focused on providing wireless technologies, software and hardware tools design, and knowledge-based services to corporate clients.
Xurpas purchased 65 percent of the company in 2005.
One year after its successful listing on the PSE in December 2014, Xurpas incorporated Xeleb Inc., as a subsidiary focused on the creation and development of celebrity-themed mobile casual games.