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SEC approves IT retailer Upson’s P4.3-B IPO

THE Securities and Exchange Commission (SEC) announced on Monday its approval of Upson International Corp.’s initial public offering (IPO).

Upson, an IT product retailer, aims to raise up to P4.34 billion.

“In its Sept. 1 meeting, the Commission En Banc resolved to render effective the registration statement of Upson International covering 3,289,473,900 common shares, subject to the company’s compliance with certain remaining requirements,” the SEC said in a statement.

Upson will offer up to 789,473,600 common shares priced at up to P5.50 per share.

According to the commission, Upson’s offer will include 98,684,200 common shares “to be issued by a selling shareholder at up to P5.50 per share, with an additional 98,684,200 common shares as an overallotment option.”

The shares will be listed and traded on the main board of the Philippine Stock Exchange.

At the same time, the SEC noted that net proceeds from the offer could reach up to P4.153 billion.

The company said that proceeds from the maiden offering will be used to expand its store network and open 250 branches or an additional retail space of 25,000 square meters until 2026.

“The company will not receive any proceeds from the sale of the secondary shares by the selling shareholder,” the SEC said.

A company representative said in an e-mail that the updated target listing date is set on Oct. 14, with the public offer set to run from Oct. 3 to Oct. 7.

“We are grateful for the support of the SEC for their confidence in Upson’s vision to help transform the Philippines into a more digitally-ready country,” Upson Chief Executive Officer and President Arlene Sy said in a statement.

“Upson aims to continuously adapt to the rapid growth of digital technology. We shall consistently provide the most relevant and latest IT products through our network expansion across the country.”

The company tapped First Metro Investment Corp. as the issue manager and book-runner for the transaction and assigned RCBC Capital Corp. and First Metro as joint lead underwriters.

The company operates under the brand names Octagon Computer Superstore, Micro Valley, and Gadget King.

If realized, Upson will be the first IT retailer company to go public.

“We assure the public that Upson shall be a significant catalyst to these developments guided by the Company’s knowledge and expertise in the business,” Ms. Sy said. — Justine Irish D. Tabile

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