Xurpas to raise P1.2B from private placement
Listed mobile content provider Xurpas Inc. is raising P1.2 billion in fresh equity from a top-up private placement to boost funds for expansion.
Under the top-up scheme, secondary shares are sold by a principal shareholder for a faster equity transaction but the same shareholder will subscribe to the same number of shares at the same price, effectively allowing proceeds from the original private placement deal to flow into the company.
The shares will be sold at P16 each, Xurpas said in a disclosure to the Philipine Stock Exchange.
The overnight top-up placement allows the company to raise capital in a most expeditious and efficient manner to fund its potential strategic future acquisitions.
Xurpas has so far invested about $14 million in six offshore technology companies as part of its aggressive expansion program. It is looking to expand in Southeast Asia, particularly in Bangladesh, Indonesia and Thailand, to further grow its business.
From only P62,500 in capital in 2001, Xurpas is now valued by the stock market at P29.79 billion.