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.