Cal-Comp's calculated move: Go public as market jitters ease
MANILA, Philippines – Electronics company Cal-Comp Technology is finally pushing through with its plans to go public, filing a registration statement before the Securities and Exchange Commission (SEC), the agency said on Tuesday, September 3.
Cal-Comp, which previously shelved plans to go public due to unfavorable market conditions, aims to offer 371,423,100 shares, with an overallotment option of 55,713,500.
It is the Philippine unit of Taiwan's Kinpo Electronics and manufactures electronic items like calculators, external hard drives, televisions, and smart home appliances.
Cal-Comp's offer price is up to P25 per share. The total proceeds to be raised will be approximately P9.3 billion.
The company expects to net P8.8 billion from the maximum offer for facilities expansion (40%), capital expenditure (30%), debt repayment (15%), research and development (12%), and working capital (3%).
It will be trading under the symbol CCPH.
BDO Capital and Maybank ATR Kim Eng Capital Partners are its joint domestic lead underwriters.
The target offer period will begin on November 4 and end on November 11.
Real estate firm Kepwealth Property Philippines was the first company to go public in 2019. Billionaire Manny Villar's AllHome Corporation and coconut products maker Axelum Resources Corporation are set to debut this September. – Rappler.com