Timing of Pointwest Technologies Corp’s IPO not set yet

Business process outsourcing (BPO) firm Pointwest Technologies Corp is gearing up for its P2.1bn initial public offering (IPO), which is considered as one of the major Philippine listings this year. However, the timing of the IPO has not been decided yet, according to SB Capital & Investment Corp president Emilio Federico Galang III in an interview with the Business World Online. Pointwest, a wholly owned Filipino BPO company, made known its IPO plan last year but the listing has not yet pushed through. The report said many companies are forced to play the waiting game due to the volatility in the global markets. Pointwest Technologies expects to generate Php2.09bn 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 total of 278 million primary offer shares and 139 million secondary shares will comprise Pointwest’s offer.