MANILA, Philippines - IP E-Game Ventures Inc., the online gaming unit of listed technology firm IPVG Corp., is hiking its authorized capital stock in preparation for a planned initial public offering.

In a disclosure to the Philippine Stock Exchange, IP E-Game said its board has approved a proposal to increase its capital stock to P300 million from P100 million as it is required to hold an IPO within a year after listing in the bourse.

The company listed its shares in the second board of the Philippine Stock Exchange via introductory listing or without raising capital last February 17.

IP E-Game's board of directors has already authorized the company's executive committee to determine the terms and conditions of its planned IPO, and engage the services of a financial adviser/underwriter.

IP E-Game was organized on November 2005 mainly to engage in the business of interactive gaming and content distribution. It is currently one of the leading online game publishers in the country, pioneering the free-to-play business model wherein users are not required to pay a subscription fee to play online games.

Since it started operations in 2006, IP E-Game has launched 5 massively multi-player online role-playing games or MMORPGs and 4 casual games in the Philippine market.