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Manila Bulletin devider Business devider PSE approves Upson's P4.88-B IPO

PSE approves Upson's P4.88-B IPO

Published Jan 30, 2023 03:16 pm

PSE approves Upson's P4.88-B IPO

By JAMES A. LOYOLA

The Philippine Stock Exchange (PSE) has approved the P4.88 billion initial public offering of Upson International Corporation (Upson), the country’s largest retailer of personal computers (PCs) and information technology (IT) products.

In a statement, Upson said the PSE has issued a Notice of Approval, subject to certain post-approval requirements, last January 27.

With this, Upson may 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 to the public.

The final offer price will be set on Feb. 28, 2023 while the offer period will be from March 6 to March 10. The tentative listing date of Upson shares is on March 16, 2023.

Upson operates a nationwide retail network of 200 stores as of September 30, 2022, using several of its wholly-owned retail brand outlets such as 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," said Upson President and CEO Arlene Sy.

Upson aims to raise gross primary proceeds of around P4.34 billion from the IPO, 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 strategically located in 9 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 thru partnership,” said Sy.

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