Xeleb Technologies Inc. (XLB), a subsidiary of digital content and mobile application developer Xurpas, is looking to raise up to PhP736.6 million (US$15.17 million) in a planned initial public offering (IPO) of common shares this December, subject to regulatory approval.

The company has filed its registration to issue 290 million shares with the Securities and Exchange Commission (SEC), targeting an IPO price range between PhP2.04 to 2.54 per share (US$0.04 to 0.05), which will represent 19.68 per cent of the company’s total outstanding capital stock.

XLB plans to list under the Small, Medium and Emerging (SME) board of the Philippine Stock Exchange, and is utilising SB Capital and Investment Corp. as its sole issue manager, underwriter and bookrunner for the planned IPO.

Read also: I try to evangelise the opportunities in the Philippines: Xurpas CEO Nix Nolledo 

The company is the Philippines first and largest game development studio focused on delivery celebrity-themed mobile gaming content, with around 50 million social media fans. Xurpas counts XLB’s products as among the fastest-growing in its portfolio.

XLB plans to utilise the proceeds from the planned IPO “for ongoing product development, regional expansion to Southeast Asia, and for general corporate purposes,” according to a media release.

Founded in 2001 as Fluxion, Inc., the company initially focused on providing wireless technologies, software and hardware design, and consultancy services to corporate clients. Xurpas acquired 65 per cent of the company in 2005, and after its own IPO, incorporated Xeleb, Inc. as a subsidiary focused on celebrity-oriented mobile gaming.

This year, Xurpas acquired Fluxion’s remaining 35 per cent for PhP 45 million (US$0.92 million) and at the same time sold Fluxion its 67 per cent stake in Xeleb for around PhP 3.3 million (US$68,000), thus consolidating legal and development resources into a single entity, Xeleb Technologies, Inc.

Recently, Xurpas likewise acquired Art of Click, a Singapore-based technology-driven media agency, for US$45 million, in a move to enhance its capability to deliver highly-engaging and targeted mobile ads.