Xeleb eyes IPO in H1

MANILA, Philippines - Xeleb Technologies Inc., the celebrity mobile games company of Xurpas Inc., is keen on pursuing its initial public offering within the first half of the year. 

Banking sources told The STAR  Xeleb may proceed with the IPO in the first quarter or early second quarter of the year as it continues to work on the regulatory requirements for the IPO.

Xeleb earlier planned to list on the exchange on Dec.2, the second anniversary of the successful market debut of its parent firm Xurpas,  but it failed to get the necessary approvals in time. 

The company plans to use bulk of the proceeds from its IPO for expansion in Southeast Asia, starting with Indonesia and Thailand.

Xeleb chairman, president and CEO Raymond Racaza said the plan was to expand in Indonesia and Thailand within 18 to 24 months after the IPO.

He said Indonesia and Thailand mimics the Philippines in terms of social media. 

Xeleb is engaged in the creation and development of digital products and services, with a particular focus on celebrity-branded and themed mobile casual games and content for consumers.