Cal-Comp IPO plan set

Consumer electronics manufacturer Cal-Comp Technology (Philippines) Inc. is reviving its initial public offering (IPO) plan and is set to enter the market this November with more shares at a higher price.

Cal-Comp, a unit of Taiwan-based New Kinpo Group (NKG), has submitted to the Securities and Exchange Commission a plan to sell as much as P10.68 billion worth of shares, much higher than the P6.77-billion IPO plan that was postponed last year.

Based on the new prospectus, Cal-Comp will offer up to 371.423 million common shares with an overallotment of up to 55.713 million common shares at a maximum price per share of P25.

The company is selling more than the maximum of 397.97 million common shares that were planned to be sold last year at a lower price of P17 a share.

For this offering, Cal-Comp has mandated BDO Capital & Investments Corp. and Maybank Kim Eng Securities Pte. Ltd. as its joint global coordinators, joint bookrunners and joint domestic lead underwriters.

Based on the preliminary timetable, Cal-Comp plans to launch its IPO from Nov. 4 to 11 and list its shares on the main board of the Philippine Stock Exchange by Nov. 18 this year.

About P1.29 billion of the proceeds from the offering will be used for the expansion of its Lima manufacturing facility in Lipa, Batangas. Additional manufacturing facilities will also be built at an estimated cost of P1.79 billion.

The company is also looking to develop real estate for manufacturing and office use, which will require a fresh investment of P400 million.

Cal-Comp is engaged in global electronic manufacturing services and original design manufacturing. It produces multiple product lines including external hard-disk drives, TVs, all-in-one PCs, laser printers, smart home appliances, power supplies, 3D printers, innovative smart beauty mirrors, A.I. humanoid robots, and integrated circuits for cloud computing.