Philippines Electronics Maker Cal-Comp Receives PSE Nod For $210m IPO

Consumer tech firm Cal-Comp Technology (Philippines) has received approval from the Philippine Stock Exchange (PSE) for its planned initial public offering (IPO) that aims to raise up to 10.7 billion pesos ($210 million).

On its latest filing, Cal-Comp, a member of the Taiwanese technology conglomerate New Kinpo Group (NKG), said it will offer up to 371.42 million shares to the public at a maximum price of 25 pesos ($0.49) each, with over-allotment option of up to 55.7 million shares.

“The exchange’s approval of the listing of the company’s shares is subject to its compliance with all of the post-approval conditions and requirements of the exchange,” the PSE said in its notice.

Cal-Comp’s offering will run from November 11 to 15 after the price-setting on November 7.

The PSE’s approval came a year after Cal-Comp decided to delay its IPO due to market conditions. It has already received the approval of the Securities and Exchange Commission (SEC).

Cal-Comp Tech, which is engaged in the manufacturing of external hard disk drives and televisions, currently has over 6,000 employees at its manufacturing facilities located at the Lima Technology Center in Lipa City and at the First Philippine Industrial Park in Sto. Tomas, Batangas.

IPO proceeds will be used for expansion as Cal-Comp Tech builds new factories in the Philippines to ramp up production and introduce new products to the domestic market, the company said.

The resumption of Cal-Comp’s IPO paints a rosy picture of the overall conditions of the local stock exchange, which has been considered Southeast Asia’s worst-performing bourse after dropping 15 per cent last year.

Recently, the PSE also approved the IPO plan of Fruitas Holdings Inc (Fruitas), a food and beverage kiosk operator, which seeks to raise up to 1.2 billion pesos ($23 million).

The approval clears the way for Fruitas to list its shares on the local market on November 29, according to a statement. The company will offer up to 533.66 million shares with an overallotment option of up to 68.34 million shares at a maximum price of 1.99 pesos each.