IP E-Game to raise P500M in initial public offering

IP E-Game Ventures Inc., the online gaming subsidiary of listed technology conglomerate IPVG Corp., is planning to raise P500 million in an initial public offering early next year. Enrique Gonzalez, IP E-Game president, said in an interview following the company's annual stockholders meeting that the company has approved the proposed increase in the authorized capital stock to 300 million from 100 million. This is in preparation for the public offering for the first quarter of 2011 and the stock rights offering by the fourth quarter of this year. Gonzalez said the company has hired ATK Kim Eng Securities to underwrite and give IP E-Game financial advice on the offering. In February, IP E-Game Ventures was listed by way of introduction on the stock exchange without having its shares traded on the floor. In September 2009, the company signed a $10-million deal with London-based GEM Global Yield Fund Ltd. Under the agreement, IP E-Game would let GEM Global buy up to $10 million (P500 million) worth of IP E-Game shares. The proceeds will be used for IP E-Game's future business activities and engagements. IP E-Game was organized in November 2005 to engage in the business of interactive gaming and content distribution. As of June 30, 2009, IP E-Game has 10 million gamers registered in the country. —JE/VS, GMANEws.TV