Technology company AudioWav Media Inc (WAV) plans to pursue its initial public offering of as much as P2.66-billion by March this year, setting the stage for its aspiration for regional expansion.
WAV plans to embark on an aggressive expansion move in China, Indonesia, Thailand, and Vietnam this year in a bid to become the first Filipino-owned multi-sensory brand in Asia.
In a press statement on Friday, WAV president and chief executive officer Carlos Hinolan said the regional expansion would be funded by proceeds from the company’s initial public offering (IPO).
WAV seeks to offer 900 million common shares at an offer price between P1.77 and P2.96 per share.
Hinolan explained that the IPO would be a “jump-off” point for the company to expand regionally, beginning with China and Indonesia in the first half of the year, followed by Thailand and Vietnam in the latter half. WAV then plans to foray into other global markets afterwards.
WAV already plays a significant role in many industries that attract large congregations of people here in the Philippines, such as retail as well as food and beverage, Hinolan said. He thus believes that it’s high time for the company to aggressively tap the global market, starting with Asia. “We hope to further penetrate multi-industries in our global expansion, targeting food, transportation, hospitality, retail, and all other industries where there is massive foot traffic,” Hinolan reported.
“The IPO is just some sort of a warm-up for bigger things to come,” he noted.
While intending to set up shops overseas, WAV intends to solidify its position as the pioneer in the multi-sensory branding industry here in the country. Part of the IPO proceeds will be used to strengthen its infrastructure to provide efficient delivery of service to all their customers here and abroad. This includes investing in new backend data centers in certain countries where connectivity is fast and reliable. “This will provide a more stable system, a more stable infrastructure to ensure WAV provides a real-time control over its system,” he reported.
Founded in 2003, WAV 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. It equips establishments with a curated mix of audio, visuals, and scents to create retail spaces that embody their brands.