INFORMATION technology firm Audiowav Media Inc. is pushing to complete its initial public offering (IPO) within this month to be able to immediately deploy capital for its planned expansion in Southeast Asia.
In its preliminary prospectus for the IPO, Audiowav said it aims to conduct its maiden listing at the Philippine Stock Exchange on February 27, after setting the final IPO price on February 9. The offer period will be from February 13 to 17.
The company still has to secure the necessary approvals from the Securities and Exchange Commission (SEC) and the PSE.
Last year, the company announced it was planning to offer 900 million common shares at a price range of P1.77 to P2.96 apiece, to raise as much P2.67 billion in fresh funds.
The offer shares, once listed, would be equivalent to a 23.1 percent public float out of its 3.9 billion outstanding shares.
The shares will be listed under the PSE’s Small, Medium and Emerging (SME) Board, with the ticker symbol WAV.
SB Capital Investment Corp. is Audiowav’s sole issue manager, bookrunner and underwriter for the IPO.
Deducting offer and listing-related fees and taxes, the net proceeds can reach as high as P2.4 billion, which will be used for its expansion in Asia particularly in Malaysia, Vietnam, Thailand and China (P1.7 billion); investment in research and development (P209.97 million); and other general corporate purposes (P481.72 million).
Established in 2003, Audiowav is engaged in atmospheric branding, offering advanced turn-key service solutions, systems, and after-sales service. The firm provides creative in-store entertainment, advertising, marketing and media solutions to large and small store chains in the Philippines.
The PSE earlier said it expects six to eight companies to debut on the exchange this year.