Cal-Comp Expects to Raise $171M from Planned IPO in Nov.
BATANGAS, PHILIPPINES – Cal-Comp Technology expects to raise P8.805 billion (US$171.7 million) from its planned IPO this year.
The company said it would use 40% of net proceeds to expand its facilities. The rest is allocated for capital expenditures (30%), debt repayment (15%), research and development (12%) and working capital (3%).
The Securities and Exchange Commission said today the hard disk drive and consumer electronics manufacturer yesterday registered its offering of 371.42 million shares with an overallotment option of 55.71 million shares.
The IPO was approved last September. The offer period is scheduled for Nov. 4-11. The final offer price will be released Nov. 6.
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