SEC approves IT retailer Upson International's IPO

MANILA, Philippines — The Securities and Exchange Commission approved Upson International Corp.’s plan to take go public. 

In a statement on Monday, the regulator greenlit Upson International’s P4.34 billion initial public offering. Upson International’s IPO covers 3.28 billion shares. 

Their IPO will cover up to 789.47 million common shares to be sold at P5.50 each.

The information technology-merchandise retailer is likewise selling 98.684 million common shares issued by a selling shareholder at P5.50 per share.

If investor interest proves robust, it has an overallotment option of 98.684 million common shares. 

Upson International has several retailers under its corporate portfolio that span Octagon Computer Superstore, Micro Valley, and Gadget King, with 188 stores nationwide. 

Projected net proceeds of P4.15 billion will be used for store network expansion and general corporate purposes. However, Upson International will not bag any proceeds from its secondary sale of 98.684 million shares from the selling shareholder. 

The IPO starts today until September 9. It will list on the main board of the local bourse on September 16, based from company documents.