TAIWANESE firm Cal-Comp Technology (Philippines) Inc. has refiled its registration statement with the Securities and Exchange Commission (SEC), hoping to become public also before end of the year.
Cal-Comp in its filing said it will offer some 371.42 million shares for its primary offering with an overallotment option of 55.71 million secondary shares for up to P25 apiece, or raising a total of P10.68 billion.
The company expects to net P8.8 billion from the maximum offer, 40 percent of which will be used for facilities expansion, 30 percent for capital expenditure, 15 percent for debt repayment, 12 percent for research and development and 3 percent for working capital.
Proceeds from the overallotment option amounting to P1.32 billion will go to the selling shareholder Kinpo International (Singapore) Pte. Ltd.
Cal-Comp has tapped BDO Capital and Investment Corp. and Maybank Kim Eng Securities Pte. Ltd. as the joint global coordinators, joint bookrunners, and joint domestic lead underwriters. Maybank Kim Eng is also the international lead underwriter.
About 70 percent of the primary offering will be sold to overseas and to Philippine institutional investors while 30 percent will be offered through the trading participants of the Philippine Stock Exchange (PSE) and to local small investors.
Last year, Cal-Comp had hoped to raise P6.77 billion from the sale of 378.07 million primary shares to fund its planned facilities expansion, acquisition of new equipment, and research and development. It, however, pulled the plug on its IPO after the fall of stock prices with the main index went into the bear territory, or a decline of at least 20 percent.
According to its timetable, if the SEC and the PSE approve its papers, it will start its offer period on November 4 to run through November 11 and list its new shares on November 18.
New Kinpo Group is the parent firm of Cal-Comp, a maker of mainly external hard disk drives.
+The company’s expansion program will entail the construction and development by its unit Kinpo Electronics (Philippines) Inc. for the third phase of its Lima manufacturing complex in Lipa, Batangas, which will add approximately 25,000 square meters of manufacturing space.