Xeleb Technologies Inc, a newly-formed celebrity-themed mobile gaming firm, is targeting to raise up to $15 million (P730.6 million) via an initial public offering this year.
Xeleb Technologies filed a prospectus with the Securities and Exchange Commission (SEC) stating to offer up to 290 million common shares priced at P2.04 to P2.54 per share. It is a wholly-owned subsidiary of listed mobile consumer services firm Xurpas Inc.
The IPO shares will constitute 19.68 per cent of the firm’s total outstanding capital stock, and will be listed to the small, medium and emerging (SME) board of the Philippine Stock Exchange.
Net proceeds will be used for ongoing product development, regional expansion to Southeast Asia, and for general corporate purposes.
SB Capital Investment Corp was appointed to be the company’s sole issue manager, underwriter and bookrunner for its IPO.
Xurpas formed Xeleb Technologies last August when it consolidated Fluxion Inc and celebrity games app startup Xeleb Inc.
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Fluxion is engaged in mobile and internet systems design and development of programming languages, usability and social media. Xeleb is the Philippines first mobile games company focused on the celebrity games opportunity.
Other companies who are seeking to go public this year in the Philippines are restaurant chain Shakey’s Pizza Ventures Inc (SPAVI) set at $113 million, and Pilipinas Shell Petroleum Corp aimed at $400 million.
Only last July, Cemex Holdings Philippines Inc (CHP), a subsidiary of Mexico-based cement maker Cemex, concluded its IPO in the Philippines raising up to P25 billion, while Golden Haven Memorial Park Inc owned by former Senator Manny Villar raised about P778 million when it went public last June.