Computer hardware and software retailer Upson International Corp. revives a Pta 5.4 billion IPO in February this year as walk-in traffic to its stores has recovered in the second half of 2022.
The operator of mall electronics stores like Octagon Computer Superstore and Gadget King previously postponed its IPO originally scheduled for October last year.
“The slow return of foot traffic through the second and third quarters of 2022 brings encouraging opportunities that further support our growth plans,” said Arlene Sy, Upson’s president and CEO, in a statement Saturday.
“Our revenue growth of 10.17 percent in the third quarter of 2022 compared to the same period in 2021 is close to our pre-pandemic performance, which was accompanied by healthier walking,” Sy added.
Upson said the Securities and Exchange Commission on Jan. 12 approved its plans to sell 986.83 million shares at up to 5.50 pesos a share.
Proceeds from the offering will be used to fund the opening of 250 stores or an additional 25,000 square feet of retail space by 2027. At the end of September last year, the company had 200 stores.
The IPO consists of 789.47 million primary common shares and up to 98.68 million secondary common shares. It will also have an over-allotment option of up to 98.68 million common shares.
Upson intends to price the IPO shares on February 17 this year, while the offer period runs from February 22 to February 28, based on the latest IPO prospectus dated December 28, 2022.
The company plans to make its trading debut on the Philippine Stock Exchange under the symbol “UPSON” on March 7, 2023, the prospectus revealed.
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