• Pointwest, Philstocks still eyeing 2015 IPOs

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    TWO firms remain hopeful they can conduct their initial public offerings (IPO) before the year ends despite the tight timeframe. Emilio Federico “Ricky” Galang, president of SB Capital Investment Corp., and Tony B. Herbosa, investor of Philstocks Financial Inc., both said they hope to launch the public offerings of Pointwest Technologies Corp. and Philstocks, respectively, within the year despite the time constraints. “Hopefully not (next year). Technically, we can still do it,” Galang said, speaking for Pointwest’s IPO. SB Capital is one of the issue managers, underwriters, and bookrunners for Pointwest’s IPO of up to P2.09 billion, together with Maybank ATR Kim Eng Capital Partners Inc. “We’re praying to get [PSE] approval. The PSE has meeting on December 9, so we’re waiting for that,” Herbosa said, referring to the Philippine Stock Exchange. Business process outsourcing (BPO) firm Pointwest hopes to get both PSE and Securities and Exchange Commission (SEC) approvals next week. Philstocks has yet to get the PSE’s nod for its P185.89-million IPO although it has been given the green light by the Securities and Exchange Commission (SEC). “The SEC has an en banc [meeting]on Tuesday (December 8), and December 9 for the PSE. As underwriters, we’re hopeful, so we’ll see,” Galang said. Asked why they are rushing to hold their public offerings this year, the SB Capital president said: “Because you don’t know what’s going to happen next year. Our books are healthy, and we don’t want to lose momentum.” Pointwest is looking to raise up to P2.09 billion from the sale 417 million common shares, with an oversubscription option of 62.55 million shares valued at P4.35 per share at the maximum. The BPO firm will use the net proceeds of its IPO for the development of digital products (P317.8 million), expansion of delivery centers (P294.4 million), acquisition of applications and proprietary technologies (P224.3 million), expansion of US sales operations (P60.7 million), and general corporate purposes (P201.6 million). Pointwest is an all-Filipino BPO firm servicing voice and non-voice requirements of Fortune 500 companies in the US and a growing number of companies in the Philippines, New Zealand and Australia. On the other hand, Philstocks is eyeing to generate up to P185.89 million funds from its offer of up to 98.88 million common shares priced at P1.88 each at the maximum. Net proceeds of P167.51 million will be used for margin financing purposes (P55 million); expansion of existing IT infrastructure and software development (P40 million); acquisition of marketable securities (P30 million); general working capital (P17.51 million); branch expansion (P20 million); and for advertising, marketing, acquisition and promotions purposes (P20 million). Upon listing, Philstocks’ total market capitalization will be at P702.89 million, while total outstanding shares will increase to 373.88 million from the current 275 million shares. After the offering, the company will have 26.4 percent public ownership, while the rest of the 73.6 percent is held by owners Paul Wee and Pleshette Wee (70.34 percent) and other minority shareholders (3.26 percent). Unicapital Inc. was appointed as the sole issue manager and underwriter of the issue. Incorporated in September 2001 and formerly known as Accord Capital Equities Corp., Philstocks is a full service brokerage firm with an online brokerage portal, www.philstocks.ph. The company offers three services: online stock trading, broker-assisted trading and stock certificate lodgement.

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