Technology company set to make stock market debut in November

A new technology play is coming to the local stock market with the stock debut of Audiowav Media Inc., which plans to raise as much as P2.66 billion from an initial public offering by November this year.

Based on a prospectus dated Aug. 30 filed in 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, based on the prospectus signed by Audiowav president and chief executive officer Carlos Jose Hinolan.

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.  This is the same investment house that helped Xurpas Inc. launch a successful IPO in 2014.

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.  Its three main business units are as follow:

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.