DFNN.com bookbuilding attracts existing shareholders

With the peso hitting record lows and the ongoing hostage saga there has been a lot of bad news coming from the Philippines recently. Hoping to buck that trend and breathe some life into the country’s capital markets, Diversified Financial News Network (DFNN.com) plans to sell shares next month in the Philippine’s first IPO since June 1999.

DFNN.com operates a financial information portal as well as offering online banking and brokerage solutions to companies that wish to outsource their technology operations. It is looking to list on the second board of the Philippine Stock Exchange (PSE) next month by selling 14.9 million shares at between 10 and 20 pesos each. CEO Ramon Garcia, Jr says this represents about a quarter of the company, so if it prices at the upper range it could give the company a valuation of around $28 million.