Viva Communications to push through with IPO

Unfazed by the volatility of the global equities markets, film and entertainment content provider Viva Communications Inc. is pushing through with its planned initial public offering (IPO) on Feb. 20 this year.

This after the Philippine Stock Exchange approved Viva’s share listing application. The company’s offering of 142.85 million shares will run until Feb. 26 following a domestic roadshow that will kick off on Feb. 8.  The shares will be priced on Feb. 15.

The listing of the shares, on the other hand, has been tentatively scheduled on  March 5. 

The company is expected to have a market capitalization of between  P3.31 billion and P5.29 billion. 

Viva’s IPO was supposed to start last Jan. 14 but had to be postponed due to weak market conditions Viva planned to sell its shares at a price ranging from P9.72 to P12.93 per share. Of the total shares to be offered, 92.86 million are primary shares while 49.999 million are secondary shares.

Proceeds from the offering, which could reach a maximum of P1.85 billion, will be used to improve the programming of the firm’s cable channels, produce films and concerts and acquire foreign movies and equipment.