Upson International Corp., retailer of information technology products, will have the final price of its initial public offering (IPO) plans by February 28 in time for its formal share sales that will run March 6 to 10 and listing date by March 16, the company said yesterday.
This follows after the company secured the approval of the Philippine Stock Exchange (PSE) for its P4.88-billion IPO.
“Last Jan. 27, 2023, the local bourse granted the Notice of Approval, subject to certain post-approval requirements,” Upson said.
Upson intends to sell to the public up to 789.47 million primary common shares and 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 proceeds will be used to fund the expansion of its store network and for other general corporate purposes. Upson 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.
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.
