DFNN sets IPO price at P10

Information technology service provider Diversified Financial Network Inc. has set its initial public offering (IPO) price at its minimum benchmark of P10 per share, bringing its net proceeds to P134.665 million.

Using the trademark DFNN.com, the company will offer its shares to the public to raise funds for the establishment of kiosks, to invest in subsidiaries and for advertising expenses and working capital needs.

As an application service provider (ASP), DFNN plans to put up a nationwide chain of kiosks in 600 locations with parallel ATM network, mobile phone interactive systems (for prepaid cards and e-payments) and other payment and settlement, distribution and delivery points.

With the final price pegged, DFNN is into its last phase of a bookbuilding process prior to its IPO, which will only be the second listing this year after Sun Life’s shares were simultaneously listed internationally last January.

Powered by Filipino expertise, DFNN distinguishes itself as Asia’s first premier online financial portal, offering services such as online stock trading and e-business solutions.

Since its establishment barely three years ago, it has since expanded into other key financial services like banking, fund management and insurance complemented by the latest financial news, information updates and other business applications.– Conrado Diaz Jr.