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Philippine IPOs shelved amid stock market and currency rout

Taiwan's New Kinpo Group is the latest to postpone share sale

Taiwan’s New Kinpo Group, which manufactures calculators and storage devices in the Philippines, is postponing the IPO of its local unit due to falling share prices. (Photo by Cliff Venzon)

MANILA -- A unit of Taiwanese contract manufacturer New Kinpo Group on Wednesday postponed an initial public offering in the Philippines, becoming the latest company to delay fundraising plans amid local market uncertainty.

Cal-Comp Technology Philippines had planned to sell shares worth 6.8 billion pesos ($126 million) from Sept. 18-25 and list them on the Philippine Stock Exchange on Oct. 2, according to its IPO prospectus. But the company said that due to "current market conditions and investor sentiment" it had been forced to temporarily defer its public debut.

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