Tech Company That Makes Humanoid Robots Files for P9.28-Billion IPO
Over a year since it first announced plans of going public, Cal-Comp Technology (Philippines), Inc., is finally pushing through with an initial public offering (IPO) worth P9.286 billion this year.
CCTPI, the Philippine unit of Taiwan-based electronics conglomerate New Kinpo Group, filed a registration statement with the Securities and Exchange Commission (SEC) for the IPO of 371,423,100 shares with an overallotment option of 55,713,500 shares for up to P25 apiece for a total of P9.286 billion in gross proceeds.
New Kinpo Group CEO Simon Shen. Cal-Comp Tech Philippines Inc is a unit of New Kinpo Group
According to the prospectus submittted to the SEC, the company expects to net P8.805 billion from the maximum offer for facilities expansion (40 percent), capital expenditure (30 percent), debt repayment (15 percent), research and development (12 percent), and working capital (three percent).
CCTPI first filed an application with the Securities and Exchange Commission (SEC) to sell 26.8 percent of the company’s total issued shares to the public worth P6.77 billion in June 2018. It postponed the listing in September the same year citing “current market conditions and investor sentiment of the market.”
Cal-Comp Technology (Philippines) is an electronics manufacturer whose product lines range from calculators and computers to printers, humanoid robots and smart appliances. It has over 6,000 employees working in two manufacturing facilities in Batangas.
According to Businessworld, the share sale will help the company strengthen its presence in the Philippines, as it looks to shift its manufacturing capacity from China.
The company plans to expand with a new facility in Lipa, Batangas covering 24,000 square meters (sq.m.) as well as developing phases two and four of its manufacturing complex in First Philippine Industrial Park, Inc., Sto. Tomas, Batangas, the Businessworld report said.
BDO Capital & Investment Corporation and Maybank Kim Eng Securities Pte. Ltd. are the joint global coordinators and joint bookrunners for the IPO.
Cal-Comp Tech was one of three companies that announced plans for an IPO last year, joining food-and-beverage firm Fruitas Holdings Inc. and low-cost airline AirAsia Philippines. The two other companies have yet to follow through with their IPO plans.