Taiwan unit’s IPO gets SEC nod

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 had been cleared by the SEC en banc, 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 each, bringing about 26.77 percent of the company’s shares to public hands. The company seeks an option to upsize the issuance by up to 19.9 million shares.

Proceeds from the IPO will be mainly used for facilities expansion, acquisition of new equipment and increased investment in research and development (R&D).

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. —DORIS DUMLAO-ABADILLA