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SEC approves IPOs of Fruitas, Cal-Comp

The Securities and Exchange Commission said Friday it approved the planned initial public offerings of Cal-Comp Technology (Philippines) Inc. and Fruitas Holdings Inc.

It said in a statement it approved the P9.28-billion maiden share offering of electronics manufacturer Cal-Comp and the P1.2-billion share sale of beverage maker Fruitas which are scheduled next month.

Cal-Comp will offer 371,423,100 common shares, with an over-allotment option for another 55,713,500 common shares currently held by Kinpo International (Singapore) Pte. Ltd. at a maximum price of P25 per share.

Post-IPO, Cal-Comp will have a public float of 28.87 percent, if the over-allotment option is exercised.

Cal-Comp tapped BDO Capital & Investment Corp. and Maybank Kim Eng Securities Pte. Ltd. as joint global coordinators and bookrunners.  Maybank Kim Eng Securities will act as international lead underwriter while Maybank ATR Kim Eng Capital Partners Inc. will join BDO Capital as the domestic lead underwriters.

Net proceeds from the offering will be used for facilities expansion, capital expenditure, debt repayment, research and development and working capital.

Cal-Comp, the local unit of Taiwan-based New Kinpo Group, is primarily engaged in the design, development and manufacture of consumer electronic products such as data storage products, calculators, pachinko displays, smart home appliances and smart beauty products.

Meanwhile, Fruitas Holdings will offer 533,660,000 common shares at a maximum price of P1.99 apiece.   The offer comes with an over-allotment option for 68,340,000 common shares currently held by Next Merchant Holdings Inc.

Upon listing, the company will have a public float of 28.21 percent.

Fruitas Holdings appointed BDO Capital and First Metro Investment Corp. as the joint issue managers, bookrunners and lead underwriters.

Net proceeds from the IPO will be used for store network expansion and store improvement, commissary expansion, expansion in the food-park business, acquisition opportunities and introduction of new concepts and debt repayment.

Fruitas Holdings is a food and beverage kiosk operator with more than 900 stores across the Philippines. By 2020 to 2022, it targets to have 1,000 stores nationwide.

The two IPOs will follow the stock market debut of Kepwealth Property Phils Inc., Axelum Resources Corp. and AllHome Corp. earlier this year.

Topics: Securities and Exchange Commission , initial public offerings , Cal-Comp Technology (Philippines) Inc. , Fruitas Holdings Inc.
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