Cal-Comp eyes over P8B from planned IPO
Credit to Author: TYRONE JASPER C. PIAD| Date: Tue, 03 Sep 2019 17:21:46 +0000
CAL-COMP Technology (Philippines) Inc. expects to raise P8.805 billion from its planned initial public offering (IPO) this year, the bulk of which would be used to expand its facilities.
In a statement on Tuesday, the Securities and Exchange Commission said the hard disk drive and consumer electronics manufacturer registered its offering of 371.42 million shares with an overallotment option of 55.71 million shares — priced at P25 apiece — on Monday.
The state-run commission approved the IPO in September 2018.
Total gross proceeds are seen to approximately reach P9.286 billion. Fees and expenses for the share sale are estimated at P481 million.
Forty percent of the net proceeds will go to expansion activities, while the rest are earmarked for capital expenditures (30 percent), debt repayment (15 percent), research and development (12 percent) and working capital (3 percent).
The offer period is set for November 4 to 11. Final offer price will be released on November 6.
BDO Capital & Investment Corp. and Maybank Kim Eng Securities Pte. Ltd. are the joint global coordinators and bookrunners for the transaction.
May Kim Eng Securities is the international lead underwriter, while BDO Capital and Maybank ATR Kim Eng Capital Partners Inc. are the joint domestic lead underwriters.
BDO Unibank Inc.-Trust and Investments Group is the stock transfer, receiving and escrow agent.
Last year, Cal-Comp planned to hold a P6.77-billion IPO, but didn’t push through with it, citing volatile market conditions.
Cal-Comp is a subsidiary of Taiwan-based technology conglomerate New Kinpo Group (NKG), which is engaged in global electronic manufacturing services.
In May, NKG said it planned to build a 24,000-square meter facility in Lipa City and a manufacturing complex in the First Philippine Industrial Park in Santo Tomas town, both in Batangas province.
These are expected to raise the number of its workers from 11,000 to 18,000 in two to three years.