MANILA, Philippines — IT product retailer Upson International Corp. filed for an initial public offering on Monday in a bid to raise funds to expand its network of stores around the Philippines.
In the prospectus sent by the Securities and Exchange Commission on Monday, the hardware and software retailer is looking to raise P4.88 billion, with 888.15 million shares up for sale.
UIC. is offering P5.50 per share. The firm also said it would offer 88.8 million shares through the Philippine Stock Exchange's Electronic Allocation System.
The retailer, founded in 1995, owns Octagon Computer Superstore, Micro Valley and Gadget King and is considered the largest IT merchandise retailer around the country, with over 183 branches nationwide, mostly in Metro Manila.
The retailer banked on its stellar pace of growth in the past three years and strategic store locations to drive interest in its IPO, the prospectus noted.
Revenues climbed steadily since 2019, despite the pandemic disrupting global supply chains. Its net income in 2021 ballooned 95% year-on-year to P403.6 million
The prospectus noted that 86% of proceeds from the IPO will be used for store network expansion, while the rest will be allocated for general corporate purposes.
The offer period will last from July 1 until July 7. Based on its timetable, Upson International Corp. projected it would be listed in the local bourse by July 15.