The Philippine Stock Exchange approved the P10.67-billion initial public offering of consumer electronics producer Cal-Comp Technology (Philippines) Inc.
Cal-Comp under the offering terms approved by the PSE will sell up to 371.43 million common shares and 55.71 million in over allotment shares at price of up to P25 apiece. The offering period will be held from Nov. 11 to 15.
The shares will be listed under the main board of the PSE on Nov. 25.
The company tapped BDO Capital & Investment Corp. and Maybank ATR Kim Eng Capital Partners Inc. as lead underwriters of the maiden share offering.
Cal-Comp will have a public float of 25.1 percent and market capitalization of P36.99 billion after the IPO.
The company plans to use the net proceeds from the IPO to fund expansion, capital expenditures, research and development and debt repayment.
The company is mainly engaged in the design, development and manufacture of consumer electronic products, such as data storage, calculators, pachinko displays, smart home appliances and smart beauty items.
It forms part of Taiwan-based New Kinpo Group, which manufactures a broad range of key electronic product lines, including storage, printers, network-attached storage, wireless and broadband, digital home appliances, consumer electronics, wearables, 3D printing, robotics, power management and smart grid, industrial, automotive, security, medical/healthcare and emerging technologies.
Cal-Comp’s expansion program includesthe construction and development of the third phase of its Lima manufacturing complex in Lipa, Batangas to add 25,000 square meters of manufacturing space.
This is the second time that Cal-Comp will attempt to conduct an IPO. The company in June last year filed an IPO application with the Securities and Exchange Commission. It had planned raise as much as P6.77 billion in proceeds.
Cal-Comp deferred the IPO plan in September, citing “poor market conditions.”
Cal-Comp will be the fourth company to conduct an IPO this year. The first three were were property firm Keptwealth Property Philippines Inc., coconut product manufacturer Axelum Resources Corp. and home improvement retailer All Home Corp.