Upson International Corp. (Upson) has slashed its initial public offering size by 70 percent to a maximum of P1.65 billion from earlier plans of up to P5.43 billion. In a disclosure to the Philippine Stock Exchange (PSE), Upson said it has set the final offer price of its IPO at P2.40 per share, sharply lower than its maximum indicative price of P5.50 apiece. Upson has also reduced the number of shares it plans to offer to 625 million primary or new common shares with an over-allotment option of 62.5 million secondary common shares or shares owned by existing stockholders. Upson is the country’s largest retailer of personal computers (PCs) and information technology (IT) products The firm had earlier obtained approval to offer 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. Upson operates a nationwide retail network of 200 stores as of Sept. 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. Proceeds from the primary portion of the IPO will be used by the company 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 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.