Mobile content provider Xurpas Inc. is reallocating P785.98 million from the proceeds of its initial public offering (IPO) to content expansion in a bid to further grow the company.
Xurpas said in a disclosure to the exchange that its board of directors approved the reallocation of P785.98 million from the proceeds of its initial public offering to the “development and expansion of existing content” from the expansion of its distribution network.
The money was part of the proceeds from the P1.4 billion raised from the IPO last December.
Xurpas has so far acquired a 70-percent stake in local mobile developer Seer Technologies Inc. for P18 million; a 4.5-percent stake in California-based search engine specialist Quick.ly Inc. for nearly $1 million (P44.45 million); a 31.52-percent stake in Singaporean game developer MatchMe Pte. Ltd. for $1.4 million (P61.6 million); a 49-percent stake in Indonesian IT firm PT Sembilan Digital Investama for $245,000 (P10.9 million); a 51-percent controlling stake in employee benefits management firm Storm Flex Systems Inc. for $4.3 million; and a 21.7-percent interest in Singaporean IT firm Altitude Games PTE Ltd. for $741,000.
The company has also launched mobile gaming app Xeleb based on celebrities and featuring flagship game “Anne Galing” from co-investor Anne Curtis. Other than Curtis, celebrities Isabelle Daza, Kim Atienza and Erwan Heussaff are also launching their respective games under Xeleb. KRISTYN NIKA M. LAZO