Technology company Audiowav Media Inc. said it plans to raise up to P2.66 billion from an initial public offering in November.
Audioway said in a filing with the Securities and Exchange Commission it would sell up to 900 million primary common shares at an offer price of P1.77 to P2.96 per share.
The offer shares will represent 23 percent of the company’s total authorized capital stock after the IPO.
The company tapped SB Capital as the sole issue manager and book runner for the deal.
It said at least 30 percent of the offer shares would be offered to trading participants while the remaining 70 percent would be distributed by SB Capital to respective clients.
Audiowav said it aimed to use majority of the proceeds from the IPO to fund expansion in the evolving markets in Asia such as Malaysia, Thailand, Vietnam and China.
Offer period will be from Nov. 7 to 11 while listing date was tentatively set on Nov. 21.
Formed in 2003 by businessman Carlos Hinolan, Audiowav is a technology firm that has developed its own proprietary platform consisting of internally-developed software programs and hardware devices designed to enable businesses to create their own customized branding environment.
Its pioneering status in providing sensory branding solutions enabled it to partner with a diverse range of clients such as the largest fast-food chains and restaurants, a leading drugstore chain, the largest convenience stores, major shopping malls, hotels/hospitality/leisure businesses, health and wellness centers, car dealerships, department stores, hypermarkets and supermarkets, real estate firms and other retail establishments.
The main feature of the service is that it gives businesses the capability to seamlessly and simultaneously synchronize the music, scent and/or signages of multiple establishments.
Audiowav was servicing 2,420 establishments nationwide, mostly on a exclusive basis, as of end-June.
Two companies conducted IPOs this year, including Golden Haven Memorial Parks Inc. and Cemex Holdings Philippines Inc. Pilipinas Shell Petroleum Corp., a unit of Royal Dutch Shell Plc., also filed an IPO application to raise as much as P29.7 billion in proceeds.
