SEC clears Cal-Comp, Fruitas IPOs

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Two more companies are set to go public before the year ends, as the Securities and Exchange Commission approved their listing plans.

Metro Manila (CNN Philippines, October 18) — Two more players are on track for their market debut on the Philippine Stock Exchange this year following the approval of the Securities and Exchange Commission (SEC).

The corporate regulator said Friday that it has given the green light for the planned initial public offerings (IPO) of Cal-Comp Technology (Philippines), Inc. and Fruitas Holdings, Inc. next month.

Cal-Comp is the local unit of Taiwan's Kinpo International Pte. Ltd, which is looking to raise ₱9.286 billion by offering 371.4 million common shares from November 11 to 18. Its main business is the design and production of consumer gadgets like data storage, calculators, and smart home appliances.

The fresh capital is eyed to support facilities expansion, capital expenses, debt repayment, research and development, as well as add to the firm's working capital. Cal-Comp has unveiled plans to expand its Lima manufacturing complex in Lipa, Batangas.

On the other hand, juice stall operator Fruitas is looking to raise ₱1.2 billion from new investors between November 11 to 22.

The chain of food and beverage stalls is looking to sell 533.66 million shares at ₱1.99 each. Net proceeds will be spent on more branches as well as store improvement, which will take up 59.4 percent. The rest will go to commissary expansion, more food parks, possible acquisitions, and debt repayment.

Fruitas particularly wants to expand its out-of-mall locations in the Visayas and Mindanao, with plans to open up to 650 new stores nationwide by 2022.

Cal-Comp tapped BDO Capital & Investment Corp. and Maybank Kim Eng Securities Pte. Ltd. as joint global coordinators and bookrunners, while Fruitas availed the services of BDO Capital & Investment Corp. and First Metro Investment Corp. as joint issue managers, bookrunners and lead underwriters.

The two companies follow the paths taken by small-scale firm Kepwealth Property Philippines, Inc., coconut exporter Axelum Resources Corp., and the Villar-led furnishing chain AllHome Corp. in going public this year.

Metro Pacific Hospital Holdings, Inc. backed out of its IPO plan earlier this week and instead raised ₱35.3 billion from a foreign investor.

Axelum is currently trading below its ₱5 guidance price, while AllHome has been hovering near its ₱11.50 IPO price just a week after listing.