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New investment alert: Cal-Comp, Fruitas to go public

/ 04:40 AM October 19, 2019

The Securities and Exchange Commission has cleared the initial public offerings (IPOs) planned by consumer electronics manufacturer Cal-Comp Technology (Philippines) Inc. and leading food and beverage kiosk operator Fruitas Holdings Inc.

The corporate regulator announced on Friday these two would be the next to go public after property leasing and management firm Kepwealth Property Phils Inc., coconut products manufacturer Axelum Resources Corp., and home improvement retailer AllHome Corp.

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Cal-Comp proposed to have its offering from Nov. 11 to 18 this year.

The company will offer 371.42 million common shares at P25 per share, with an overallotment option comprising 55.71 million common shares currently held by Taiwan-based Kinpo International (Singapore) Pte. Ltd.

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After the maiden offering, Cal-Comp will have a public float of 28.87 percent. Without the overallotment option, the public will own 25.1 percent of the company.

Cal-Comp mandated 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 domestic lead underwriter.

Proceeds will be used by Cal-Comp for facilities expansion (40 percent), capital expenditure (30 percent), debt repayment (15 percent), research and development (12 percent) and working capital (3 percent).

The company 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.

Fruitas, for its part, was authorized to sell 533.66 million primary common shares at a maximum price of P1.99 each. In case of excess demand, it can upsize the offering by 68.34 million more shares.

This green light for the IPO would allow Fruitas to “serve more Filipinos, source more raw materials, employ more people and contribute to the growth of the Philippine economy,” said Fruitas founder and chief executive Lester Yu in a press statement.

Fruitas’ offer is expected to begin on Nov. 18 up to Nov. 22 while listing on the main board is intended on Nov. 29.

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This offering will bring up to 28.2 percent of the company’s shares to public hands.

BDO Capital & Investment Corp. and First Metro Investment Corp. are the joint issue managers, bookrunners and lead underwriters for the offering.

“Going public will further strengthen our position as the leading food and beverage kiosk business player in the country and broaden the opportunities for growth,” Yu said.

Fruitas aims to open 150 to 250 new stores each year through 2022. It plans to grow existing brands, develop new ones or buy other enterprises. It also plans to open two more food parks up to 2021, in addition to its two existing hubs in Quezon City.

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TAGS: Cal-Comp Technology (Philippines) Inc., Fruitas Holdings Inc., Securities and Exchange Commission
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