Cal-Comp Philippines files for P9.286B IPO

Cal-Comp Technology (Philippines) Inc., the local unit of Taiwan-based technology conglomerate New Kinpo Group, has applied for a P9.286-billion initial public offering (IPO) before the Securities and Exchange Commission.

According to its prospectus released by the corporate regulator on Tuesday, Cal-Comp plans to issue up to 371,423,100 common shares, with an overallotment option of 55,713,500 shares at P25 per share.

Some 70% or 259,996,200 shares will be offered and sold outside the Philippines, while 30% or 111,426,900 will be offered to the trading participants and under the local small investors program in the Philippines.

The offer period is scheduled to start 9:00 a.m. on November 4, 2019, and end at 12:00 p.m. on November 11, 2019.

“The company intends to use the net proceeds from the firm offer to fund its facilities expansion program, capital expenditure, research and development, debt repayment, and for working capital requirement,” the prospectus read.

According to the company, 40% of the proceeds will finance facilities expansion, while 30% will go to capital expenditure, 15% to debt repayment, 12% to research and development, and 3% as working capital.

Cal-Comp intends to have its shares listed on the Main Board of the Philippine Stock Exchange Inc., under the trading symbol “CCPH.”

BDO Capital and Investment Corp. and Maybank ATR Kim Eng Capital Partners Inc. have been tapped as joint domestic lead underwriters for the IPO.

Cal-Comp is primarily into designing, developing, and manufacturing hard disk drives and consumer electronics.

Among its products are calculators, smart home appliances, and smart beauty products. —VDS, GMA News