Cal-Comp revives IPO

MANILA, Philippines — Cal-Comp Technology (Philippines) Inc., a technology company that is part of Taiwanese conglomerate New Kinpo Group (NKG), has revived plans to embark on an initial public offering amid improving market conditions.

In a registration statement filed with the Securities and Exchange Commission (SEC) yesterday, Cal-Comp said it plans to sell 371.4 million shares with an overallotment option of 55.7 million shares at P25 per share.

This would translate to up to P10.7 billion in gross proceeds including the sale of the overallotment portion.  Of the total, the company expects to net P8.8 billion which it would use to expand the business.

According to its registration statement, Cal-Comp would use 40 percent of the P8.8 billion for facilities expansion, 30 percent for capital expenditure, 15 percent for debt repayment, 12 percent for research and development and three percent for working capital.

The company tapped BDO Capital & Investment Corp. and Maybank Kim Eng Securities Pte Ltd. as joint global coordinators and joint bookrunners. Maybank Kim Eng is also international lead underwriter while BDO Capital and Maybank ATR Kim Eng are joint domestic leader underwriters.

The company is targeting to list on Nov. 18.

Cal-Comp was supposed to list last year but decided to defer its IPO because of bearish market conditions.

The company, which has manufacturing facilities at the Lima Technology Center in Lipa City and at the First Philippine Industrial Park in Sto. Tomas, Batangas, currently employs over 6,000 employees.

In 2017, Cal-Comp Tech posted a net income of $7.31 million and revenues of $210.72 million.

NKG is a $6.30 billion firm engaged in global electronic manufacturing services and original design manufacturing, producing 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, AI humanoid robots, and integrated circuits for cloud computing, among other products.