MANILA, Philippines - The Securities and Exchange Commission has cleared the planned P660-million initial public offering (IPO) of Cirtek Holdings Philippines Corp., an independent full service solution provider for subcontract manufacturing of semiconductor devices.
Based on its application, Cirtek will be selling 61.82 million shares, representing up to 34 percent of its issued and outstanding capital, through a maiden offering at a maximum price of P10.68 each share.
Cirtek, led by its chairman and president Jerry Liu, provides turnkey solutions that include package design and development, water probing, wafer back grinding, assembly and packaging, final testing of semiconductor devices and delivery and shipment to its customers’ end-users.
BDO Capital Investment Corp. is the issue manager and lead underwriter for the IPO.
Net proceeds from the offering, amounting to P628.01 million, will be used mainly for the acquisition of new machineries and for general working capital requirements.
Beginning the third quarter this year, Cirtek will embark on a three-year expansion program aimed at boosting business and further expanding its customer base. The program will involve the construction of a third building at its current manufacturing plant in Biñan, Laguna which will add 180,000 square feet of space and the acquisition of new equipment as well.
The final offer price will be set on Sept. 15 while the offer period will run from Sept. 19 to 23. Listing of the shares has been scheduled on Sept. 30.