Toby’s Sports still keen on IPO

MANILA, Philippines — Filipino sporting goods retailer Toby’s Sports remains keen on scoring a successful initial public offering (IPO), but believes that market conditions are not favorable yet to pursue a maiden share sale this year.

Roberto Claudio, chairman of Quorum International Inc., the parent company of Toby’s Sports, told The STAR that the company continues to consider doing an IPO, but it will likely have to wait a few years more.

“For Toby’s Sports, we’re still taking our time on that one. The stock market is not that favorable at this point in time,” Claudio said.

“However, within the next three to five years, we will continue to work on that,” he said.

At present, Claudio said the company could still manage to grow internally.

“We are still on internal growth. We opened three stores last year. We’re opening three more this year,” he said.

Claudio said the company has also received interest from various local and foreign groups for potential investments in the company.

“These are different interests on either equity participation or acquisition, but we’re not entertaining any yet,” Claudio said.

“But we are still not firm on what the direction will be. We’ll just accept any inquiry, any interest, but there is nothing yet. We still want to maintain control. We have growth plans over the next five to 10 years still so we’re moving forward on that,” he said.

Quorum has three retail formats: sporting goods store Toby’s Sports, running specialty store Runnr and street lifestyle store urbanAthletics. The company has  70 stores nationwide.

Toby’s Sports, in particular, started in 1978 as a toy shop in Greenhills Shopping Center. It was first called Toby’s Forms and Shapes and later on Toby’s Sports and Hobbies.

Toby’s Sports has since grown and now carries over 100,000 items from more than 160 trusted brands in various sports.