Upson International Corp., the country’s largest retailer of personal computers and other IT products, has filed an application to conduct an initial public offering worth as much as P5.43 billion.
Based on the preliminary prospectus filed with the Securities and Exchange Commission, Upson will sell up to 986.83 million shares at a maximum price of P5.50 each. These comprise 789.47 million primary shares and up to 98.68 million secondary shares plus an over-allotment option of another 98.68 million secondary shares.
Net proceeds from the primary share offering will be used to build more retail stores to cement the company’s market leading position as well as beef up supply chain and logistics.
As of end-December last year, Upson had 183 branches of Octagon Computer Superstore, Micro Valley, and Gadget King with a total retail space of 22,000 square meters. Of the total,
57 are located in the National Capital Region, 30 in North Luzon, 35 in South Luzon, 23 in Visayas and 38 in Mindanao.
The group is now present in 16 out of the 17 regions in the country, allowing it to reach and capture almost the entire population.
“There are rapid technological developments in computers and other IT products matched with growing market segments like educational needs and computer and IT-related jobs in all 17 regions,” UIC president and CEO Arlene T. Sy said.
“These are compelling opportunities that fuel the need for an aggressive expansion of our retail network nationwide. We plan to open 250 branches over the next 3 to 5 years to add to our existing 183 branches as of 2021,” she added.
First Metro Investment Corp. is the issue manager, book runner and lead underwriter for this transaction.
Upson is targeting to list on the main board of the Philippine Stock Exchange in September, subject to regulatory approvals.

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