Philippines: Consumer tech firm Cal-Comp files for $127m IPO

Simon Shen, CEO of New Kinpo Group and President of Cal-Comp Tech

Consumer tech firm Cal-Comp Technology (Philippines), a member of Taiwanese technology conglomerate New Kinpo Group (NKG), has filed for a P6.77 billion ($127 million) initial public offering (IPO) with the Philippine Securities and Exchange Commission.

In a statement, Cal-Comp Tech said, it 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 per cent of the company’s total issued shares to the public.

Cal-Comp Tech targets to list before the end of the year. “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.

BDO Capital & Investment Corp has been appointed as the issue manager and sole bookrunner for the offering.

Cal-Comp Tech, which is involved in the manufacture of multiple product lines, currently has 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.

“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,” said Simon Shen, CEO of New Kinpo Group and President of Cal-Comp Tech.

In 2017, Cal-Comp Tech registered a total revenue of $210.72 million and net income of $7.31 million. In the first quarter of 2018, the company said its revenue reached $74.18 million while net income was $6.33 million.

The company is a member of NKG, the largest Taiwanese investor in the Philippines.

NKG is a $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, among others.

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.

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