Inquirer
Last updated 00:19am (Mla time) 07/23/2007
REMITTANCE company iREMIT has said it is considering an initial public offering (IPO) toward the last quarter of this year.
It has named investment house First Metro Investment Corp. as financial adviser, issue manager and underwriter for the IPO.
The company did not provide details of the planned IPO.
The company's board has approved an increase in the company's capital to P500 million from P163 million to finance its ongoing expansion. Proceeds of the IPO will be used to open new branches and expand to new markets as well as to finance its working capital requirements to meet the increasing volume of remittances.
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