The Makati-based IT company has offered to sell four million of its unissued common shares at P1.75 each for gross proceeds of P7 million.
The persons behind SQL are: Enrique Pelaez, chairman; Alberto Hermoso Jr., president, managing director and CEO; and Geraldina Salonga, Antonio Lasala, Herminigildo Hermoso and Michael Tangjangco, directors.
SQL*Wizard provides complete information solutions including licensing of computer software; consulting and training services; technical maintenance and updating of software programs; and research and development.
After deducting the underwriting fees and other expenses from the offering, the company will end up with net proceeds of about P6 million, which will be utilized primarily to finance its business expansion and product development.
After deducting the underwriting fees and other expenses from the offering, the company will end up with net proceeds of about P6 million, which will be utilized primarily to finance its business expansion and product development.
Approximately half of the proceeds will be allocated to develop and enhance Phoenix, its enterprise software package for non-life insurance companies.
A fourth of the IPO earnings will be channeled into research and training costs for the development of new business initiatives. The company intends to develop the platform for venturing into the development of "business intelligence" templates for various industries, business online (or service as an application services provider) and e-business consulting.
The remaining proceeds will be utilized to fund costs of expanding the existing office facilities to accommodate the additional staff related to its growing business needs.
The company said top priority will be given to product development in view of its significance to its long-term goals.
As of Dec. 31, 2000, SQL*Wizard had total assets worth P41 million. It has an authorized capital stock of P20 million divided into 20 million shares at P1 par value, out of which P16 million worth are issued and outstanding.
The SME board, the so-called third board at the PSE, was put up over a year ago to serve as a "nursery market" for young and small companies but with high potential for growth. – Conrado Diaz Jr.