Cal-Comp, Fruitas IPOs approved

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    The Securities and Exchange Commission (SEC) said it has approved the planned initial public offering of Cal-Comp Technology (Philippines) Inc. and Fruitas Holdings Inc.

    The companies intend to raise P9.29 billion and P1.062 billion, respectively.

    Cal-Comp eyes to offer 371.42 million common shares, with an overallotment option comprising 55,713,500 common shares 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 float of 28.87 percent, if the overallotment option is exercised. Otherwise, the public will own 25.10 percent of the company,” said Cal-Comp.

    Tapped as joint global coordinators and bookrunners were BDO Capital & Investment Corp. and Maybank Kim Eng Securities Pte. Ltd. The latter also acts as 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 earmarked for facilities expansion (40 percent), capital expenditure (30 percent), debt repayment (15 percent), research and development (12 percent), and working capital (3 percent),” the SEC said.

    The company is primarily 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.

    It forms part of Taiwan-based New Kinpo Group, which manufactures a broad range of key electronic product lines including 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.

    “Cal-Comp’s expansion program will entail, among others, the construction and development of the third phase of its Lima manufacturing complex in Lipa, Batangas for additional 25,000 square meters of manufacturing space,” the SEC said.

    Fruitas Holdings, meanwhile, will offer 533.66 million common shares at an offer price of up to P1.99 apiece, with an overallotment of 68.34 million common shares currently held by shareholder Next Merchant Holdings Inc.

    “The company looks to raise P986.1 million in net proceeds for store network expansion and store improvement (59.4 percent), commissary expansion (5.1 percent), expansion in the food-park business (5.1 percent), acquisition opportunities and introduction of new concepts (15.2 percent), and debt repayment (15.2 percent),” the SEC said.

    Fruitas Holdings tapped BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers, bookrunners and lead underwriters.

    Fruitas Holdings is a food and beverage kiosk operator with more than 900 stores across the Philippines. It traces its roots to Lush Enterprises Corp. which was incorporated in 2000.

    The company is targeting to establish more stores in malls within the National Capital Region and the rest of Luzon as well as increase its footprint in out-of-mall locations and in the Visayas and Mindanao.

    Proceeds from the offer will allow Fruitas Holdings to open 550 to 650 new stores and improve about 1,000 stores from 2020 to 2022, among others.

    Cal-Comp and Fruitas Holdings intend to list their common shares on the Philippine Stock Exchange following their offers scheduled for November 11 to 18 and November 11 to 22, respectively.