PSE okays P100-M IPO of Touch Solutions

MANILA, Philippines - The Philippine Stock Exchange has approved the initial public offering (IPO) of Touch Solutions Inc. (TSI), a leading provider of open systems software and services in the Philippines, to raise close to P100 million.

The company is offering a total of 22 million new common shares, representing up to 39.46 percent of the company’s total issued and outstanding capital stock, at P4.50 apiece.

TSI will have a market capitalization of P250.87 million after it lists on the second board of the bourse.

Among the company’s major shareholders are founder Anson Uy and John Y. Tiu Jr. (project development director at JTKC Land).

JTKC Land is the property arm of the Tiu Group which owns the Discovery chain of hotels in the country. It also owns the Mansion Group, a pioneer in the serviced apartments industry.

Abacus Capital & Investment Corp. was tapped as issue manager and lead underwriter.

The offering will run from Nov. 21 to Nov. 28 while listing was set on Dec. 8.

Net proceeds from the offering, amounting to P90.58 million, will be used to fund the firm’s regional expansion program, research and development as well as the construction of an educational facility. The rest will go to working capital requirements.

TSI was established in 2001 with its head office located in the country. It has two subsidiary companies, Sagesoft Solutions and TSI Japan, located in the Philippines and Japan, respectively.

The company was formed with an objective of providing end-to-end information and communications technology (ICT) solutions and services to its clients. Its strength lies mainly on project management, software solutions, and distribution services.

TSI envisions itself to become the premiere open systems enterprise solutions provider infrastructure software products and services, through leading the IT industry in the use, adoption, development, and propagation of open systems enterprise class solutions.

The company’s clients include both enterprise markets and small to medium businesses. It covers both the top 1000 companies and the top 500 IT users in the Philippines through direct relationship.        Commercial transactions, on the other hand, are passed through TSI preferred partners network – 40 resellers and one mainstream distributor.