Xeleb eyes December for P800-M IPO

ABS-CBN News

Posted at Oct 14 2016 01:13 PM

MANILA - Mobile game-maker Xeleb Technologies is hoping to launch its initial public offering, where it hopes to raise as much as P800 million, by the end of the year, a company official said Friday.

Xeleb Technologies CEO Raymond Racaza told ANC's Headstart with Karen Davila that "things are moving forward" towards a December IPO, subject to regulatory approvals.

The company, which is majority-owned by tech firm Xurpas Inc., is focused on developing celebrity-branded and themed casual games.

Xeleb sought approval from the Securities and Exchange Commission to sell 290,000,000 common shares at an offer price of between P2.04 to P2.54 per share.

The shares will represent 19.68 percent of the company's total outstanding capital stock.