I-Remit raises P20M in emergency share issuance to Surepay
What's the deal? Philippine-listed remittance firm I-Remit is raising P20 million ($323,512) by issuing 10 million new shares at P2.00 each to Surepay TechnologiesDealroom has a profile for this one. Try Dealroom →. Its board approved the post-IPO equity move during an emergency meeting on July 23.
Why now? The filing says the capital will cover short-term funding needs, equal to about 40 days of operating expenses. The share issuance is consideration for a five-day due diligence review under a binding term sheet with Surepay.
What's the endgame? I-Remit, which provides global remittance services, has 611.64 million outstanding common shares. The company said the deal aims to stabilise operations amid evolving business conditions.
What else? The board also accredited Moore Roxas Tabamo & Co. as external auditor to prepare the firm's audited financial statements for the fiscal year ending 2025. I-Remit called it "an established auditing firm with extensive experience."
The signal: The emergency meeting, due diligence clause, and 40-day funding buffer point to a company managing immediate liquidity pressure rather than raising for growth — with Surepay positioned as a potential strategic partner.
Read more: The Philippine Star
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