Xurpas unit eyes IPO
Xeleb Technologies, the mobile gaming unit of technology firm Xurpas Inc., has firmed up plans to raise as much as P736.6 million from a stock market debut.
The company filed its registration statements with the Securities and Exchange Commission (SEC) to offer up to 290 million common shares at between P2.04 and P2.54 per share.
Based on the offer price, Xeleb can raise at least P591.6 million to as much as P736.6 million from this capital-raising activity, which will bring to the public about 19.68 percent of the firm’s total outstanding capital stock.
Xeleb seeks to list on the small, medium and emerging (SME) board of the Philippine Stock Exchange (PSE) under the ticker “XELEB.”
The company plans to use the net proceeds for ongoing product development, regional expansion to Southeast Asia as well as general corporate purposes.
Like what parent company Xurpas did for its 2014 IPO, Xeleb has tapped SB Capital Investment Corp. as its sole issue manager, underwriter and bookrunner.
This unit was founded in 2001 as Fluxion Inc., primarily focused on providing wireless technologies, software/hardware tools design, and knowledge-based services to corporate clients. In 2005, Xurpas Inc. purchased 65 percent of the company. One year after its listing on the PSE in December 2014, Xurpas incorporated Xeleb Inc. as a subsidiary focused on the creation and development of celebrity-themed mobile casual games. In 2016, Fluxion and Xeleb underwent a restructuring to consolidate the development resources required for ongoing product development under Xeleb. This resulted in Fluxion owning 67 percent of Xeleb and Xurpas purchasing the remaining 35 percent stake of Fluxion, thereafter renaming it Xeleb Technologies Inc.
Xeleb rides on two very successful megatrends: the rise of celebrities as a media force and the boom in casual gaming globally. It is the country’s first and largest celebrity-branded and themed casual games company. Its portfolio includes games based on the personas of the country’s biggest stars: Anne Curtis-Smith, Alejandro “Kuya Kim” Atienza, Isabelle Daza, Erwan Jean Heussaff and Sarah Geronimo. Combined, they command a social media audience of close to 50 million fans.