September 06, 2018 at 07:05 pm
Jenniffer B. Austria
Cal-Comp Technology (Philippines) Inc., a leading consumer technology company engaged in the manufacture of multiple product lines, plans to push through with its P6.77-billion initial public offering and list the shares next month.
Cal-Comp, according to the latest filing with the Securities and Exchange Commission, plans to offer the shares from Sept. 18 to 15 and list the shares tentatively on Oct 2.
The company is securing approval from corporate regulators SEC and the Philippine Stock Exchange.
Cal-Comp Tech plans to sell up to 378,071 million in primary common shares with an over-allotment option of up to 19,898 million common shares, at price of up to P17 each.
The shares represent 26.77 percent percent of the company’s total issued stocks to the public.
The company plans to use the proceeds from the IPO to finance expansion. Cal-Comp Tech is building new factories in the Philippines to increase production and introduce new products to the domestic market.
Cal-Comp said its unit Kinpo Electronics (Philippines) Inc. plans to add 48,000 square meters of manufacturing space in First Philippine Industrial Park.
KPPH is also looking to lease an additional 300,000 sqm of land within FPIP for capacity expansion and in search of a new manufacturing site.
Cal-Comp appointed BDO Capital & Investment Corp. as the issue manager and sole book runner of the initial public offering.
Cal-Comp Tech is a member of global technology conglomerate New Kinpo Group, the largest Taiwanese investor in the Philippines.
NKG is a $6.3-billion firm company 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.
Cal-Comp posted a net income of $6.3 million in the first quarter of 2018, up 116 percent from $2.9 million year-on-year.
First-quarter revenues jumped 86 percent to $74.8 million from $40.3 million a year ago, driven by new orders of vacuum cleaners and hair dryers.