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Manila Bulletin devider Business devider Computer retailer UIC plans P5.43-B IPO

Computer retailer UIC plans P5.43-B IPO

Published May 23, 2022 02:52 pm

Upson International Corporation (UIC), the country’s largest retailer of personal computers and information technology products, is planning to raise up to P5.43 billion from its initial public offering.

In a statement, the firm said it has filed with the Securities and Exchange Commission (SEC) its Registration Statement for the offering of up to 888.16 million common shares at and offering price of up to P5.50 per share.

The offering comprises of up to 789.47 million primary shares and up to 98.68 million secondary shares. It also has an over-allotment option of another 98.68 million secondary shares.

The resulting net proceeds from the primary shares in offering will be used for store network expansion and general corporate purposes.

Proceeds from the secondary shares in both the firm offering and over-allotment option will go to the selling shareholders.

UIC offers its retail products through its various outlet brands namely Octagon Computer Superstore, Micro Valley, and Gadget King.

Despite the pandemic, UIC’s revenues grew 5 percent to P8.57 billion in 2021 from P8.15 billion in 2020 while net income jumped 95 percent to P403.6 million in 2021 from P206.7 million in 2020.

This represents a compounded annual growth rate (CAGR) of 8 percent for revenues and 78 percent for net income over the last 4 years.

“There are rapid technological developments in computers and other IT products matched with growing market segments like educational needs and computer and IT-related jobs in all 17 regions,” UIC President and CEO Arlene T. Sy said.

She added that, “These are compelling opportunities that fuel the need for an aggressive expansion of our retail network nationwide. We plan to open 250 branches over the next 3 to 5 years to add to our existing 183 branches as of 2021.”

“We pride ourselves with Certifications of Authentic and Untampered products awarded by leading suppliers of computer and IT brands,” Sy noted.

Subject to regulatory approvals, the proposed offer period and target listing date in the main board of the PSE is September 2022.

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