Touch Solutions eyes P100 million via maiden offering

MANILA, Philippines - Touch Solutions Inc. (TSI), a leading provider of open systems software and services in the Philippines, is hoping to raise nearly P100 million through a maiden offering of shares.

The offering, which obtained the Securities and Exchange Commission’s greenlight Thursday, involves up to 22 million new common shares, representing up to 39.46 percent of the company’s total issued and outstanding capital stock.

The shares will be sold at P4.50 each share and will be listed on the second board of the Philippine Stock Exchange.

TSI has tapped Abacus Capital & Investment Corp. as issue manager and lead underwriter.

The offering is targeted to run from Nov. 21 to Nov. 28. Listing was set on Dec. 9.

Net proceeds from the offering, amounting to P90.35 million, will be used to fund the firm’s regional expansion program, research and development and educational facility. Other proceeds will be used for working capital requirements.

TSI was established in 2001 with its head office located in the country. It has two subsidiary companies, Sagesoft Solutions and TSI Japan, located in the Philippines and Japan respectively.

The company was formed with an objective of providing end-to-end Information and Communications Technology (ICT) solutions and services to its clients. Its strength lies mainly on project management, software solutions, and distribution services.

TSI envisions itself to become the premiere open systems enterprise solutions provider infrastructure software products and services, through leading the IT industry in the use, adoption, development, and propagation of open systems enterprise class solutions.

The company’s clients include both enterprise markets and small to medium businesses. It covers both the top 1000 companies and the top 500 IT users in the Philippines through direct relationship. Commercial transactions, on the other hand, are passed through TSI preferred partners network – 40 resellers and one mainstream distributor.