I-Remit, Inc. listed its shares at the Philippine Stock Exchange (PSE) on October 17, 2007 with its share price rising 17.5% to P5.50 each from the initial public offering price of P4.68 per share. Total proceeds raised was P658 million. Net proceeds from the primary offer, calculated at P476 million, will be used to enhance its resources that will complement its aggressive expansion programs in the Philippines as well as in countries that will yield high growth and business returns for the company. I-Remit will implement strategic Marketing alliances and initiatives in countries with high density of Filipinos such as North America, Europe and Asia Pacific in the coming months. With its vision to serve overseas Filipinos, the company will continue to venture in new markets and innovative product/service offerings.
I-Remit Chairman and Chief Executive Officer, Bansan Choa, said in a briefing following the listing:”We`re quite happy with the listing considering that the IPO was five times oversubscribed.
I-Remit Director, Ben Tiu, for his part, said I-Remit priced the shares low to attract small investors: “We want this to be a successful IPO. We hope that the strong performance of I-Remit would ensure also the success of companies that are planning to go public.
Now on its 6th year of operations, I-Remit has 365 outlets, associates and agents in 24 countries and more than 2,000 pay-out stations throughout the Philippines. The funds raised from the IPO would help I-Remit expand its network and reach out to more overseas Filipinos. This is what I-Remit is all about. It is committed to serve Filipinos anywhere in the world with its fast, convenient and efficient remittance services. Its advanced technological infrastructure and efficient remittance facilities help bridge the distance between overseas Filipinos and their families. Thus, every I-Remit remittance assures their families of a better life and a brighter future.