Cal-Comp Technology (Philippines), Inc., a leading consumer technology firm involved in the manufacture of multiple product lines, today filed for a P 6.77 billion initial public offering with the Securities and Exchange Commission.
Cal-Comp Tech will sell up to 378,071,100 primary common shares with an over-allotment option of up to 19,898,500 common shares, or about 26.77% percent of the company’s total issued shares to the public. 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.
Cal-Comp Tech targets to list before the end of the year.
Cal-Comp Tech is a member of global technology conglomerate New Kinpo Group (NKG), the largest Taiwanese investor in the Philippines. NKG is a USD 6.30 billion firm engaged 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, among other products.
NKG’s other businesses in the Philippines are Cal-Comp Precision (Philippines), Inc. and AcBel Polytech (Philippines), Inc, which produce injection molded plastic precision parts and power supplies products for global clients.
Cal-Comp Tech currently employs over 6,000 employees in its manufacturing facilities located at the Lima Technology Center in Lipa City and at the First Philippine Industrial Park in Sto. Tomas, Batangas.
In 2017, Cal-Comp Tech registered a total revenue of USD 210.72 million and net income of USD 7.31 million. In the first quarter of 2018, the revenue reached to USD 74.18 million, and earned USD 6.33 million net income.
BDO Capital & Investment Corp. has been appointed as the issue manager and sole bookrunner for the offering.
CEO of New Kinpo Group and President of Cal-Comp Tech Simon Shen says, “The Philippines has become one of our key manufacturing hubs in Southeast Asia, and we want to expand our foothold here through an initial public offering. We believe our expansion will enable Filipinos to become more competitive in export manufacturing and tech R&D. It’s also an opportune time for the Philippines to be exposed to tech products that will truly bring homes and industries to the future.”