Cirtek starts share offer today

Cirtek Holdings Philippines Corp., a maker of semiconductors, begins offering shares on Tuesday as it seeks to raise some P295 million in the third Philippine initial public offering (IPO) this year.

The pure domestic IPO is selling 42.16 million common shares at up to P7 each until November 14, documents filed with the Philippine Stock Exchange showed. The company will make its trading debut on November 18.

Cirtek decided to proceed with the IPO after cutting both the number of shares and maximum offer price to raise about 55 percent less than originally planned.

Unicapital Inc. was tapped as lead underwriter in a syndicate that also includesa Philippine Commercial Capital Inc., Multinational Investment Bancorporation and Vicsal Investments Inc.

The syndicate replaces BDO Capital and Investment Corp., which was earlier hired by Cirtek as lead underwriter.

Proceeds from the share sale would help double the capacity at its microchip-manufacturing complex in Biñan, Laguna, in the next three years.

Cirtek said capacity will amount to almost 2 billion units of microchips once expansion moves are completed.

The company’s microchips are used in smart phones, table PCs, home-entertainment systems, other consumer electronic products, industrial and office equipment, and automotive components.

Last month Cirtek Chief Finance Officer Anthony Buyawe said the company sees net income this year hitting $4 million to $4.2 million compared to $3.6 million posted in 2010. Revenues are also expected to rise up to $42 million, versus $34 million posted last year, he said.

Cirtek through its subsidiaries is an

independent full-service solution provider for subcontract manufacturing of semiconductor devices.

The company provides turnkey solutions that include package design and development, wafer probing, wafer back grinding, assembly and packaging, final testing of semiconductor devices, and delivery and shipment to its customer-end users.

Cirtek follows the IPO of Megawide Construction Corp., which raised P2.3 billion in February, and the P7.5-billion IPO of supermarket chain Puregold Price Club Inc. in September.

Cirtek starts share offer today

Cirtek Holdings Philippines Corp., a maker of semiconductors, begins offering shares on Tuesday as it seeks to raise some P295 million in the third Philippine initial public offering (IPO) this year.

The pure domestic IPO is selling 42.16 million common shares at up to P7 each until November 14, documents filed with the Philippine Stock Exchange showed. The company will make its trading debut on November 18.

Cirtek decided to proceed with the IPO after cutting both the number of shares and maximum offer price to raise about 55 percent less than originally planned.

Unicapital Inc. was tapped as lead underwriter in a syndicate that also includesa Philippine Commercial Capital Inc., Multinational Investment Bancorporation and Vicsal Investments Inc.

The syndicate replaces BDO Capital and Investment Corp., which was earlier hired by Cirtek as lead underwriter.

Proceeds from the share sale would help double the capacity at its microchip-manufacturing complex in Biñan, Laguna, in the next three years.

Cirtek said capacity will amount to almost 2 billion units of microchips once expansion moves are completed.

The company’s microchips are used in smart phones, table PCs, home-entertainment systems, other consumer electronic products, industrial and office equipment, and automotive components.

Last month Cirtek Chief Finance Officer Anthony Buyawe said the company sees net income this year hitting $4 million to $4.2 million compared to $3.6 million posted in 2010. Revenues are also expected to rise up to $42 million, versus $34 million posted last year, he said.

Cirtek through its subsidiaries is an

independent full-service solution provider for subcontract manufacturing of semiconductor devices.

The company provides turnkey solutions that include package design and development, wafer probing, wafer back grinding, assembly and packaging, final testing of semiconductor devices, and delivery and shipment to its customer-end users.

Cirtek follows the IPO of Megawide Construction Corp., which raised P2.3 billion in February, and the P7.5-billion IPO of supermarket chain Puregold Price Club Inc. in September.