Viva to wait two years before IPO

Philippine entertainment group Viva will wait at least two years before it lists on the local bourse, citing the current market conditions and the valuation of content businesses in the country.

According to Viva Communications Inc. chairman and chief executive officer Vicente “Vic” Del Rosario, the initial public offering (IPO) of holding company Viva Holdings is expected to come in the next two to three years.

“Well, baka hindi pa. Ang problema, di ba, ‘yung market natin medyo hindi kasing lakas,” he told GMA News Online on the sidelines of The Business Manual CEO Awards in Taguig City.

“I mean, compare mo outside the country, mas na-a-appreciate ‘yung valuation lalo na ng content business, so I guess we’ll have to wait a little longer. Mga two to three years when the market improves and we have more foreign funds coming in,” he added.

(Well, maybe not yet. The problem is our market is not that strong. I mean, compared to outside the country, the valuation is better, especially for content business, so I guess we’ll have to wait a little longer, around two to three years, when the market improves and we have more foreign funds coming in.)

Viva, which streams its content through its Vivamax service, was reported to have been considering reviving its plans to go public in 2024 with a $250-million initial public offering (IPO).

According to Del Rosario, the company has seen strength from subscribers overseas, who currently make up 20% to 30% of the revenues.

“We’ll continue with streaming. We’re seen in more than a hundred countries now,” he said. — VBL, GMA Integrated News