Audiowav Media plans P2.66B IPO
TECHNOLOGY firm Audiowav Media Inc. is planning to raise as much as P2.66 billion from a local stock market debut.
Based on a prospectus dated AUg. 30 filed at the Securities and Exchange Commission, Audiowav plans to offer to the public 900 million common shares at a price range of between P1.77 to as high as P2.96 per share.
The initial public offering (IPO) will bring to public hands about 23 percent of the company’s shares. About 3.9 billion shares will be outstanding after the stock debut.
The company intends to use majority of proceeds to fund expansion in new markets within Asia such as Malaysia, Thailand, Vietnam and China by 2017. The remainder will fund general corporate purposes, long-term research and development as well as the expansion of its technology service portfolio.
The company mandated investment house SB Capital Investment Corp. as sole underwriter for the issuance.
Subject to a separate approval from the Philippine Stock Exchange, AudiWav plans to list on small, medium and emerging (SME) board.
Founded in 2003, Audiowav enables providers to play content in brick and mortar businesses, using WAV proprietary devices. It is an ecosystem that supplies technologies that provide sensory branding and hardware solutions.
Based on its website, Audiowav’s three main business units are as follows:
-WAV Atmospheric Branding – cutting-edge atmospheric sensory branding technology centered on enhancing experiential marketing.
-WAV Interactive – engagement-driven experiential marketing and data-driven analytics on user-friendly mobile apps;
– WAV Control – quality sound systems for top-notch store sound.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.