PH tech firm Xurpas surges 50 pct in market debut

ABS-CBN News

Posted at Dec 02 2014 10:51 AM | Updated as of Dec 02 2014 06:51 PM

MANILA, Philippines - Philippine technology company Xurpas Inc saw its shares surge nearly 50 percent on Tuesday morning, as it made its debut at the Philippine Stock Exchange.

Reuters reported Xurpas shares rose 49.87 percent in early trading, from its offer price of P3.97 each.

Xurpas, which develops digital products and services for mobile users, raised P1.36 billion ($30.4 million) from its initial public offering.

Xurpas is planning to grow its operations in the Philippines and expand to Indonesia, Bangladesh and Thailand.

The popularity of casual games has helped fuel the growth of Xurpas in the last few years.

Founded by three tech entrepreneurs -- Nix Nolledo, Raymond Gerard Racaza and Fernando Jude Garcia -- the company is one of the largest independent mobile consumer content providers in the Philippines in terms of revenue, with clients such as Smart, Globe and Sun Cellular. - With Reuters