MANILA, Sept 3 (Reuters) - The Philippine unit of Taiwan’s Kinpo Electronics Inc 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) (Reporting by Neil Jerome Morales Editing by Jacqueline Wong)