Cal-Comp prepares for stock market debut
The Philippine Stock Exchange (PSE) has approved a plan of electronics manufacturer Cal-Comp Technology (Philippines) Inc. to raise as much as P10.7 billion through a stock offering.
Based on a circular from the PSE, Cal-Comp’s offering would run from Nov. 11 to 15 after the price-setting on Nov. 7.
It will list on the local bourse on Nov. 25, making it the next company 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.
The company will offer up to 371.42 million shares to the public at a maximum price of P25 each. In case of strong demand, 55.71 million in additional shares can be offered by its shareholder, Cal-Comp Electronics (Thailand) Public Company Ltd.
At least 70 percent of the shares are being offered to international investors.
Cal-Comp is part of Taiwan-based Kinpo International (Singapore) Pte. Ltd., a major global leader in electronic manufacturing services and original design manufacturing services. It also makes its own-brand technology products.
Article continues after this advertisementThis equity deal is estimated to bring 25.1 percent of the company’s stocks to public hands. This can increase to close to 29 percent if the overallotment shares can be sold.
Article continues after this advertisementThe lead underwriters are BDO Capital & Investment Corp. and Maybank ATR Kim Eng Capital Partners Inc. BDO Capital is a stabilizing agent.
The joint global coordinators and joint bookrunners are BDO Capital and Maybank Kim Eng Securities Pte Ltd. The latter is also the international lead underwriter.
PNB Capital and Investment Corp. is a participating 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. —DORIS DUMLAO-ABADILLA
