Technology firm Audiowav Media Incorporated plans to raise as much as P2.66 billion (£43.43 million) through an initial public offering (IPO) scheduled for this November.
In a filing with the Securities and Exchange Commission, Audiowav said it will sell up to 900 million primary common shares at an offer price of between P1.77 (£0.03) to P2.96 (£0.05) per share.
The offer shares represent 23% of the company’s total authorised capital stock after the IPO.
The company tapped SB Capital as the sole issue manager and book runner for this deal.
Audiowav said it intends to use majority of the proceeds from the IPO to fund its expansion in the evolving markets within Asia such as Malaysia, Thailand, Vietnam and China.