BATANGAS, PHILIPPINES – Cal-Comp Technology (Philippines) expects an initial public offering (IPO) by the third quarter to finance expansion plans, according to reports.

The local unit of New Kinpo Group initially planned to raise some $131.3 million but withdrew plans as a result of market conditions.

Cal-Comp Philippines previously received approval from the Securities and Exchange Commission for fundraising. To proceed, the firm would have to get approval from the Philippine Stock Exchange.

The company looked to sell more than 378 million shares, equal to nearly 27% of its total issued shares. The size of the IPO may be adjusted this year.

Cal-Comp plans to open a new facility here, covering 24,000 sq. m., as well as develop phases two and four of its manufacturing site, adding 48,000 sq. m. of manufacturing space.

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