IPCV sets introductory listing at PSE

MANILA, Philippines - I-Pay Commerce Ventures, Inc. (IPCV), 74.94 percent owned by IP Ventures, secured the Securities and Exchange Commission’s green light to list by introduction 59.545 million common shares on the local bourse.

IP Ventures is a private holding company formed by IPVG whose subsidiaries operate in communications, consumer internet and payment solutions business.

The shares will be listed on the second board of the PSE at an initial listing price of P8.40 each share, lower than the original indicative price of P8.80.

Introductory listing does not involve an initial public offering. Companies that opt to go this route, however, are required to stage an IPO within a year from listing, based on Philippine Stock Exchange rules.

IPCV is mainly engaged in the remittance service in partnership with Westem Union (Canada) Company. Its other services include foreign exchange, and payment solutions, that includes debit card facility, bills payment, electronic loading of cellphone credit, and government receipt registration in exchange for prizes.

IPCV is focusing its expansion efforts on underserved areas outside Metro Manila. It expands its network primarily by franchising sub-agents and setting up operations throughout the sub-agents’ own branch network.

It also aims to seize new markets for its remittance service through the use of information technology platforms. In particular, the company plans to tap the 29.7 million internet users in the Philippines.

IPCV can readily access this market through its affiliates such as E-Games and Netopia, both of which are leading firms in the Philippine internet consumer industry.

IPCV incurred a net loss of P25.9 million last year, higher than the P14.16 million loss reported a year before due to increased costs.