Iris Gonzales – The Filipino star
09/11/2022 | 12:00 noon
MANILA, Philippines – The Securities and Exchange Commission (SEC) has cleared Upson International Corp. for its initial public offering (IPO). of up to P4.34 billion.
Upson International will offer up to 789.5 million common shares to the public at a maximum price of P5.50 per share, with an additional 98.7 million common shares available as an over-allotment option.
The net proceeds from the offering, which could reach up to P4.153 billion, will be used for store network expansion and general corporate purposes.
At its September 1 meeting, the SEC approved Upson’s registration statement, which includes 3.3 billion common shares, subject to the company’s satisfaction of certain remaining requirements.
The shares are listed and traded on the Main Board of the Philippine Stock Exchange.
According to its registration statement, the IPO will take place from September 5th to 9th, with a listing on the PSE scheduled for September 16th.
The company hired First Metro Investment Corp. as Issue Manager and Bookrunner for the transaction to which RCBC Capital Corp. as Joint Lead Underwriter.
Upson is a retailer of information technology related goods, including hardware and software products.
The company operates under the Octagon Computer Superstore, Micro Valley and Gadget King brand names. As of March 31, Upson had a total of 188 stores nationwide and six department stores in Manila, Cebu, Cagayan de Oro and Davao City.
Arlene Sy, CEO and President of Upson said that technological developments in computers and other IT products continue to match growing market segments such as educational needs and computer and IT related jobs in different parts of the country.
The PSE expects the number of IPOs to hit a 26-year high this year as more companies raise capital from the market.
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