NOW Telecom set to go public
NOW Telecom is planning to go public in the Philippines or overseas and has tapped Unicapital Inc. as its financial adviser for this undertaking.
In a statement, the company said Unicapital would also help in the preparation of its planned corporate restructuring and fundraising activities, mainly to bolster its capabilities in fifth-generation (5G) mobile services.
NOW Telecom, which holds a Congressional franchise to build and operate a telecommunications network, said it was planning to list by way of introduction.This typically means having its shares traded without undertaking a traditional initial public offering.
“Together with its adviser, NOW Telecom is assessing the suitability of listing its shares on the local bourse or within the region, given its medium-term business plans,” Mel Velarde, founder and CEO of NOW Group of Companies, said in a statement.
Apart from access to the stock market, a listing will allow the company to meet the requirements of its franchise.
NOW Telecom earlier announced a plan spend $713 million for its five-year 5G fixed wireless expansion in Metro Manila. It said some $152 million would be used in the first three years mainly to acquire new 5G radio equipment.
5G is a mobile standard that promises ultra-fast internet speeds and low lag times, making it ideal in powering a slew of emerging applications like connected cities, automated manufacturing and driverless cars.
Telco giants PLDT Inc. and Globe Telecom have started rolling out 5G but on a limited scale. NOW said it had the requisite frequencies to provide 5G services.
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.