Philippine electronics maker Cal-Comp defers $210m IPO again

Consumer tech firm Cal-Comp Technology (Philippines) has decided for the second time to withdraw its planned $210-million initial public offering (IPO) on the local exchange.

“The company believes that the initial valuations indicated by the market do not fully reflect its strong performance and growth prospects,” Cal-Comp said in a disclosure to the Philippine Stock Exchange (PSE).

“Volatile market conditions” were another reason cited by the company for its decision to defer its offering and reevaluate its listing plans.

Cal-Comp said its decision not to pursue the offering at this time was based on “careful consideration,” including extensive discussions with the underwriters.

“In the meantime, the company will continue to focus on the growth of its business in the Philippines and ensure that its targets continue to be met,” it added.

The offering, which was scheduled to run from November 11 to 15 after price setting on Thursday, would have seen Cal-Comp selling up to 371.42 million shares to the public at a maximum price of 25 pesos ($0.49) each, with an overallotment option of up to 55.7 million shares.

The planned IPO was approved by the PSE last month.

In September last year, Cal-Comp, a member of Taiwanese technology conglomerate New Kinpo Group (NKG), announced that it had decided to delay its IPO due to market conditions.

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.

The consumer tech company’s move comes less than a month after Metro Pacific Hospitals deferred a proposed $1.6-billion IPO after its parent firm, Metro Pacific Investment Corp, sold 42.5 per cent stake in the hospital to a consortium led by private equity firm KKR & Co.

The stake sale raised $684.5 million and saw Singapore sovereign wealth fund GIC restructuring its holding in the hospital unit to join the KKR-led consortium.

The proposed Metro Pacific Hospitals IPO would have been the largest listing in the Philippines. The record continues to be held by Philippine conglomerate San Miguel Corporation, which raised $634 million in a share sale last year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.