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2 firms plan IPO in December

An information technology company and a property developer plan to conduct an initial public offering and list with the Philippine Stock Exchange before the end of the year.

Point West Technologies Corp. and Philippine Primark Properties Inc. plan to list with the PSE in December, according to documents filed with the Securities and Exchange Commission.

Point West said in a registration statement it planned to sell 417 million common shares with an over allotment of 62.55 million common shares at P4.35 per share.

The IPO is expected to raise as much as P2.08 billion in proceeds, which will be used for the expansion of delivery centers within the Philippines, expansion of US sales operations, development of digital products and acquisition of applications and proprietary technologies Point West hired SB Capital and Maybank ATR Kim Eng to be joint underwriters for the offering while Evercore is the financial adviser for the share sale.

Point West  is a leading Filipino-owned service company with a proven track record in the information technology and business process management industry.

The company provides non-voice, higher-value services to Fortune 500 companies and a growing number of firms in the Philippines, New Zealand and Australia.

Point West registered a net income of P120.9 million in the first half, an increase of 101 percent from P54.88 million recorded in the same period a year ago while net revenues rose 22.8 percent to P798.82 millionfrom P650.5 million.

Meanwhile,  Philippine Primark also plans to raise as much as P1.2 billion through an IPO in December.  Philippine Primark plans to sell up to 704.46 million primary common shares at P1.70 apiece.

The company plans to its its share under the small, medium and emerging board of the PSE. It hired Unicapital as the sole issue manager and underwriter for the offering.

Philippine Primark is primarily engaged in the development of community malls across the country.

It has eight town centers, with four additional community malls slated to be operational before the end of the year.

Philippine Primark also plans to acquire and develop commercial leasing properties within immediate vicinities of town plazas of each municipalities.

The company aims to open 25 town centers in 2015 and 30 every year until 2020.

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