• IT firm Audiowav Media plans P2.6-B IPO


    INFORMATION technology firm Audiowav Media Inc. is seeking to raise P2.6 billion from a planned initial public offering (IPO) of 900 million common shares, which will be used for its expansion in the region.

    In a prospectus filed with the Securities and Exchange Commission (SEC) dated August 30, Audiowav said it plans to offer 900 million common shares at P1.77 to P2.96 apiece.

    After the IPO, the company would have a 23.1 percent public ownership out of its 3.9 billion outstanding shares.
    The newly offered shares will be listed under the Philippine Stock Exchange’s (PSE) Small, Medium and Emerging (SME) Board, with the ticker symbol WAV.

    SB Capital Investment Corp. is the sole issue manager, bookrunner and underwriter for the IPO.
    The company said deducting offer and listing-related fees and taxes, the net proceeds can reach as high as P2.4 billion.

    Said funds will be used in its expansion in Asia particularly in Malaysia, Vietnam, Thailand and China (P963.44 million); investment in research and development (P361.29 million); expansion of technology service portfolio (P602.15 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 aftersales service. The firm provides creative in-store entertainment, advertising, marketing and media solutions to large and small store chains in the Philippines.

    So far, only two companies have conducted IPOs this year — Golden Haven Memorial Park Inc. and Cemex Holdings Philippines Inc.


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