NOW Corp. eyes P1B from share offering
NOW Corp. is looking to raise P1 billion from a preferred share offering in the first quarter of 2018 to fund the expansion of its broadband business
Mel Velarde, president of NOW, said the company had already filed its application with the Securities and Exchange Commission and the Philippine Stock Exchange.
The company has tapped Unicapital Inc. as its underwriter for the share sale
Proceeds from the offering will be used to expand its broadband internet infrastructure in Metro Manila to serve enterprises and residential areas.
Among its new broadband customers include Sogo Hotel Group, which has a chain of hotel establishments in Metro Manila; Marco Polo in Ortigas; Work Haven, a co-working space located in Linden Suites; Manila Broadcasting Corp. in Pasay City; and STI campus in Bonifacio Global City, among others.
NOW is also looking to expand in Cebu and Davao next year.
The company also offers software systems and IT managed services to top banks such as BDO, Philippine National Bank, the industry’s regulator, the Bangko Sentral ng Pilipinas, as well as other government agencies and branches like the Supreme Court.