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The Securities and Exchange Commission (SEC) has approved a plan by consumer electronics manufacturer Cal-Comp Technology (Philippines) Inc., a unit of Taiwan-based New Kinpo Group (NKG), to embark on a P6.77-billion initial public offering.
Cal-Comp’s registration statement for the IPO had been cleared by the SEC en banc in a meeting late Thursday, SEC Secretary and spokesperson Arman Pan said.
The NKG unit plans to sell up to 397.97 million new common shares at a maximum price of P17 per share, bringing about 26.77 percent of the company’s shares to public hands.
The base offer consists of 378.07 million common shares but the company seeks an option to upsize the issuance by up to 19.9 million.
Proceeds from the IPO will be mainly used for facilities expansion, acquisition of new equipment and increased investment in research and development. /muf