Cal-Comp Technology (Philippines), Inc. and Fruitas Holdings, Inc. have secured the approval of the Securities and Exchange Commission (SEC) for their initial public offering (IPO) next month.
In a statement on Friday, SEC said Cal-Com is looking to raise P9.286 billion from the sale of new shares, while Fruitas Holdings is targeting P1.062 billion. Both have overallotment options consisting of secondary shares.
“In its October 17 meeting, the Commission En Banc considered favorably the respective registration statements of Cal-Comp and Fruitas Holdings. The corresponding orders of registration and permits to sell securities will be issued upon the companies’ compliance with certain conditions,” the SEC said.
Based on their submissions to the commission, Cal-Comp and Fruitas Holdings plan to list their common shares on the Philippine Stock Exchange (PSE) after their offer periods scheduled on Nov. 11-18 and for Nov. 11-22, respectively.
Cal-Comp is engaged in the design, development and manufacture of consumer electronic products such as data storage products, calculators, pachinko displays, smart home appliances and smart beauty products.
Fruitas Holdings is a food and beverage kiosk operator with more than 900 stores across the country. It traces its roots to Lush Enterprises Corp., which was incorporated in 2000.
Cal-Comp will offer 371,423,100 common shares, with an overallotment option consisting of 55,713,500 common shares currently held by Kinpo International (Singapore) Pte. Ltd., at a maximum price of P25 per share.
After the maiden offering, Cal-Comp will have a public ownership level of 28.87%, if the overallotment option is exercised. If not, the public will own 25.10% of the company.
The electronic manufacturing service provider tapped BDO Capital & Investment Corp. and Maybank Kim Eng Securities Pte. Ltd. as joint global coordinators and bookrunners. Maybank Kim Eng Securities is international lead underwriter, while Maybank ATR Kim Eng Capital Partners, Inc. will join BDO Capital as domestic lead underwriter.
Cal-Comp expects to net P8.834 billion, which it allotted for facilities expansion at 40%, capital expenditure at 30%, debt repayment 15%, research and development 12%, and working capital 3%.
The company is part of Taiwan-based New Kinpo Group, which manufactures a broad range of key electronic product lines. The lines include storage, printers, network-attached storage, wireless and broadband, digital home appliances, consumer electronics, wearables, 3D printing, robotics, power management and smart grid, industrial, automotive, security, medical/healthcare and emerging technologies.
Its expansion program entails the construction and development of the third phase of its Lima manufacturing complex in Lipa, Batangas for additional 25,000 square meters of space.
Meanwhile, Fruitas Holdings will offer 533,660,000 common shares at a maximum price of P1.99 apiece. The offer comes with an overallotment option for 68,340,000 common shares currently held by Next Merchant Holdings, Inc.
Before the offer, food and beverage kiosk operator has a total of 1,600,020,000 issued and outstanding shares. Upon listing, it will have up to 2,133,680,000 issued and outstanding shares, 28.21% of which will be held by new investors.
Fruitas Holdings appointed BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers, bookrunners and lead underwriters.
The company plans to raise P986.1 million in net proceeds for store network expansion and store improvement (59.4%), commissary expansion (5.1%), expansion in the food-park business (5.1%), acquisition opportunities and introduction of new concepts (15.2%) and debt repayment (15.2%).
It plans to establish more stores in malls within the National Capital Region and the rest of Luzon while extending its reach to out-of-mall locations, as well as in the Visayas and Mindanao.
Proceeds from the offer will allow Fruitas Holdings to open 550-650 new stores and improve about 1,000 stores up to 2022, among others.
The listing of Cal-Com and Fruitas Holdings follows the stock market debut of Kepwealth Property Phils, Inc.; Axelum Resources Corp. and AllHome Corp. — Victor V. Saulon