BATANGAS, PHILIPPINES – Cal-Comp Technology’s unit in the Philippines has filed an application to raise up to about $129 million from an initial public offering. Cal-Comp plans to sell nearly 400 million new common shares, according to reports.

Cal-Comp will use the IPO proceeds for expansion, including new factories in the Philippines.

“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,” said Simon Shen, president, Cal-Comp. “We believe our expansion will enable Filipinos to become more competitive in export manufacturing and tech R&D.”

Cal-Comp currently employs more than 6,000 people. In 2017, the firm posted revenue of $210.7 million and net income of $7.3 million. In the first quarter of 2018, revenue was $74.2 million, and net income was $6.3 million.

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