BPO firm Pointwest postpones P2bn IPO
Volatile market conditions have prompted business process outsourcing (BPO) company Pointwest Technology Corp to postpone its initial public offering (IPO). In a letter to the Securities and Exchange Commission, Pointwest president Maria Cristina Coronel said its P2.08bn IPO has been postponed as the company reviews its H1 2016 financial performance. Pointwest was earlier expected to generate Php2.08bn from its IPO by offering as much as 417 million common shares with an over-allotment option of 62.55 million at a price of up to Php4.35. A 100% Filipino-owned BPO company, Pointwest would have become one of the biggest Philippine IPOs this year. Pointwest provides non-voice, higher-value services to Fortune 500 companies and a growing number of firms in the Philippines, New Zealand and Australia. The BPO firm joins other companies considering IPOs that are holding off their listings due to market volatility.
