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 (IPO).
The PSE has granted the notice of approval for Upson to sell to the public up to 789.47 million in 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.
According to the company, the price setting of shares will be on February 28. The offer period is from March 6 to March 10 while the tentative listing date is on March 16.
Upson operates a nationwide retail network of 200 stores as of September 30, with its 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 aims to raise gross primary proceeds of around P4.34 billion at its full offer price, which will be used to fund the expansion of its store network and for other general corporate purposes. The company plans to open 250 new stores or an additional 25,000 square meters of retail space from 2023 to 2027, with majority of the store openings planned for the next three years, or until 2025.
The expansion includes adding warehouses and distribution facilities located in nine other areas nationwide. The nationwide logistics infrastructure that supplements its retail network is to ensure uniform pricing of its products across all its branches.
“Our long-valued suppliers and clients have helped us grow to where we are today. Going public is Upson’s way of sharing our growth and our success with them through partnership,” Sy said.