Upson International Corp., a retailer of personal computers and information technology products, has secured the approval of the Philippine Stock Exchange (PSE) for its P4.88 billion initial public offering.
This allows Upson to sell up to 789.47 million primary common shares and up to 98.68 million secondary common shares, with an over-allotment option of up to 98.68 million secondary common shares at up to P5.50 each.
Price setting will be on February 28, the offer period from March 6 to March 10 and tentative listing date on March 16, the company said.
Upson operates a nationwide retail network of 200 stores selling brands like Octagon Computer Superstore, Micro Valley, Gadget King and Octagon Mobile as well as concept and specialty stores like Acer, HP, Brother and Silvertec in select locations.
“We are both thrilled and grateful to have received the PSE’s approval for our planned initial public offering. This is a significant milestone as we look forward to sharing our growth prospects with everyone,” Upson president and CEO Arlene Sy said.
Upson targets to raise primary proceeds of around P4.34 billion which will be used to fund the expansion of its store network and other general corporate purposes. It plans to open 250 new stores or an additional 25,000 square meters of retail space from 2023 to 2027, with majority of the stores planned for the next three years, or until 2025.
The expansion includes adding warehouses and distribution facilities located in nine other areas.
The nationwide logistics infrastructure that supplements its retail network ensures the uniform pricing of its products across all branches.
