By Leslie D. Venzon
MANILA, Dec. 2 (PNA) — Xurpas Inc., a consumer technology firm that listed on the local bourse on Tuesday, is in talks with several telecommunication operators and other potential partners, as it aims to expand in the Philippines and regional markets.
The company aims to use the net proceeds from the initial public offering (IPO) of up to Php1.24 billion for regional expansion and acquisitions.
In a press briefing, Xurpas Chairman and President Nico Jose Nolledo identified its core target markets as Indonesia, Bangladesh and Thailand with high market penetration of mobile phones.
“We have already identified and are currently assessing investment and acquisition opportunities as well as potential partners in the region… We have already been in talks with the few telecommunication operators, specifically a little over 10, in our target markets,” he said.
Nolledo said telecommunication operators are looking for new products and services to give value to their subscribers at the same time to create new revenue streams.
He said industry players that have a billing integration with the telecommunication operators can be also potential partners or acquisition targets.
“So we also had initial conversation with them,” he noted.
Nolledo said the company’s program to sustain its current leadership in the market includes making substantial investments in new digital products and services, acquisitions relating to existing electronic content developers, and entering into strategic alliances and partners within and outside the Philippines.
“Our competitive edge in mobile content development and the Southeast Asian market potential of 689 million mobile subscribers all point to the right timing to take hold of opportunities in the region,” he added.
The company made its IPO at Php3.97 per share for 344 million shares, which is equivalent to 20 percent of its shares.
Xurpas was the first mobile technology that went public in emerging Southeast Asian markets at a time when other Asian technology companies made their IPO in the United States stock markets.
Nolledo believed that the IPO would enable the company to tap the capital market and provide an advantage to quickly deploy its reach and expand product line-up. (PNA)