Octagon, Gadget King operator gets SEC nod to launch P4.3B IPO

The country’s largest retailer of personal computers and IT products founded by businessman Ricardo Lee and William Lim, has secured approval from the Securities and Exchange Commission to proceed with its planned initial public offering which is estimated to raise about P4.34 billion.

Based on its approved registration statement, Upson will offer as much as 789.47 million new common shares at a maximum price of P5.50 each. The offer also includes up to 96.68 million secondary shares plus an over-allotment option of another 98.68 million shares.

Net proceeds from the IPO, amounting to P4.15 billion, will be used by Upson to bankroll the expansion of its store network and for general corporate purposes.

The IPO is scheduled to run from September 5 to 9 with the listing set on September 16.

First Metro Investment Corp. is the issue manager and book runner for the IPO alongside RCBC Capital Corp. as joint lead underwriter.

A retailer of hardware and software products, Upson is the operator of IT retail chains Octagon Computer Superstore, Micro Valley, and Gadget King.

As of March 31, the company had a total of 188 branches across the country, as well as six warehouses in Manila, Cebu, Cagayan de Oro and Davao City.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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