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Philippine unit of Taiwan electronics firm revives IPO plan

Published 09/03/2019, 04:42 PM
Updated 09/03/2019, 04:50 PM
Philippine unit of Taiwan electronics firm revives IPO plan
2312
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MANILA, Sept 3 (Reuters) - The Philippine unit of Taiwan's
Kinpo Electronics Inc 2312.TW has revived its plans for an
initial public offering (IPO), nearly a year after shelving it
due to tepid markets, the corporate regulator said on Tuesday.
Cal-Comp Technology (Philippines) Inc would sell as much as
427.13 million shares, including the over-allotment option, at a
maximum offer price of 25 pesos ($0.48) per share, 47% higher
that previously planned, the company said in its filing with the
Securities and Exchange Commission.
At that price, gross proceeds from the IPO will be up to
10.68 billion Philippine pesos ($203.62 million). It is not
uncommon for the seller to cut the maximum offer price later in
the IPO process.
Cal-Comp, which produces electronic items such as external
hard disk drives, televisions and smart home appliances, said it
would use the money to repay debt and expand operations.
It postponed its IPO plans last year, citing an unfavourable
market environment. Industry group Semiconductor and Electronics Industries in
the Philippines, however, is optimistic about prospects for
2019, expecting export revenues to grow 3% to $38.7 billion this
year from $37.6 billion in 2018. Semiconductors and electronics
are the Philippines' top exports.
Cal-Comp hired BDO Capital and Maybank Kim Eng as joint
global coordinators and bookrunners for the IPO, which is
targeted to be launched in November. The underwriters could not
be immediately reached for comment.
($1 = 52.4500 Philippine pesos)

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