In its initial filing to the Securities and Exchange Commission, Touch Solutions outlined plans to sell 22 million primary shares at up to P4.50 each.
The final price will be determined by November 9 with the offer equivalent to about 40 percent of the company’s outstanding stock post-offering.
The document showed that the offer period for the pure domestic IPO will run from November 21 to November 28 with the listing date tentatively set on December 9. Abacus Capital and Investment Corp. was tapped as underwriter for the IPO.
Touch Solutions’ initial share sale could be smaller than Calapan Ventures Inc.’s planned IPO, which could raise from P84.32 million to P105.40 million when it sells its shares from November 14 to November 18 this year.
Touch Solutions is the latest firm to file an IPO application with the SEC.
The Philippines has seen two initial share sales in 2011, through building contractor Megawide Construction Corp.’s P2.3-billion offering in February followed by the P7.5-billion listing of supermarket chain Puregold Price Club Inc. in September.
Other companies like SMC Global Power Holdings Corp., which is raising up to P36.9 billion, and Cirtek Holdings Philippines Corp., which will raise up to P660 million, expects to proceed with their respective initial share sales this year, depending on market conditions.
Touch Solutions said the bulk of the IPO proceeds will be used for its regional expansion program with other investments to include the acquisition of additional shares in affiliate Sagesoft Solutions Inc., an enterprise resource planning applications and accounting software company.
Touch Solutions, which was started in 2001, is a growing player in the sector, with its focus on becoming a leading open systems enterprise solutions provider for infrastructure software products and services.
Its international partners include Oracle, MySQL/SkySQL, Acronis, Bitdefender and Novell.
The company said it posted a net loss of P968.47 million in the six months to June despite sales of P22.15 million. It did not provide comparative figures. As of end 2010, the company booked sales of P14.82 million and a net loss of P12.11 million.
