Upson International Corp., the country’s leading retailer of personal computers and other IT products, pushed back a multi-billion peso stock listing to a later date.
In a statement, Upson said it decided to postpone its P4.34 billion initial pubic offering, originally scheduled in October, to the first quarter of next year to reflect the company’s third quarter results.
“Operational updates covering nine months, including the third quarter financials, would enable investors to better estimate a full-year performance,” said the company behind Octagon Computer Superstore, Micro Valley and Gadget King.
The new timetable was made in consultation with Upson’s underwriters, First Metro Investment Corp. and RCBC Capital Corp.
Upson had initially planned to offer up to 888.16 million common shares, consisting of 789.47 million primary and 98.68 million secondary shares, with an over-allotment option of up to 98.68 shares at a maximum price of P5.50 per share.
Net proceeds from the IPO will be used to expand the group’s store network and beef up its supply chain and logistics. Upson is looking to open 250 stores in the next three years.
“The ‘return to normal’ for the rest of the year gives us confidence that the pre-pandemic sales growths will continue to define the opportunities at hand,” said Arlene T. Sy, president and CEO of Upson.
Last month, Upson opened its 200th store from only 183 outlets by end-December last year.