Cal-Comp goes to market

Cal-Comp Electronics (Thailand) becomes the third and probably last company to attempt an IPO in Thailand this year.

Cal-Comp Electronics (Thailand) has signed underwriting agreements with nine underwriters for its forthcoming IPO on the Stock Exchange of Thailand. The IPO price has been set at Bt30 ($0.68) a share so that Bt900 million will be raised from the sale of 30 million shares.

The underwriters of the issue are:

  • ABN Amro Asia Securities (lead underwriter)  
  • Seamico Securities  
  • Capital Nomura Securities  
  • SG Asia Credit Securities  
  • Jardine Fleming Thanakom Securities  
  • Asset Plus Securities  
  • Finansa Securities  
  • United Securities  
  • DBS Thai Danu Securities

The IPO is only the third IPO in Thailand this year after two previously successful transactions - the first for Genco and the next for Ratchaburi Power. "We are delighted with this demonstration by the underwriters of their confidence in the issue," says Chiang Hsiao Chin, managing director of Cal-Comp Electronics (Thailand). "Cal-Comp is only the third IPO this year and we hope our issue will further demonstrate that the Stock Exchange of Thailand is recovering."

The fully underwritten offer will be sold to retail and institutional investors from December 7-December 12. The price of the issue represents a weighted average price:earnings ratio of 6.6 times 2000 forecast earnings. The price came in at the bottom of the indicative price range of Bt30-Bt32. When listed, the company will have a market capitalization of Bt9.06 billion.

Cal-Comp Electronics (Thailand) is a contract manufacturer, majority owned by the Kinpo Group of Taiwan. Its main business is the export of communications, computer and electronic equipment. "Cal-Comp has been operating in Thailand for over 11 years and now has five factories manufacturing products for leading international electronic companies including Hewlett-Packard, Olivetti, Sharp, Casio and Thomson," says Cal-Comp's Chiang. "Over 95% of these products are destined for the export market."

The company expects its stock to be traded on the Stock Exchange of Thailand by early January 2001.

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