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Upson in the news

Home News & Stories Upson files for IPO at the SEC, bullish on leading tech retail industry

Upson files for IPO at the SEC, bullish on leading tech retail industry

  • May 23, 2022

Upson International Corp. registers application with the Philippine Securities and Exchange Commission for initial public offering

Upson International Corp. (Upson), the country’s largest retailer of information technology products, has filed with the Securities and Exchange Commission (SEC) on May 17, 2022 its Registration Statement, relating to a proposed initial public offering (IPO) of its Common Shares (the Offer). Upson plans to offer up to 888,157,800 common shares (Firm Shares), comprising of up to 789,473,600 primary shares and up to 98,684,200 secondary shares. The maximum gross proceeds from the offer is expected to reach ₱4.88 billion, excluding proceeds from the exercise of the over-allotment option of approximately 10% of the Offer Shares. The resulting net proceeds will be used for store network expansion and general corporate purposes.

Upson offers its retail products through its various outlet brands namely Octagon Computer Superstore, Micro Valley, and Gadget King. Despite the pandemic, Upson’s revenues grew 5% to ₱8,567.9 million in 2021 from ₱8,152.2 million in 2020. The company’s net income likewise increased by 95% to ₱403.6 million in 2021 from ₱206.7 million in 2020. This represents a compounded annual growth rate of 8% for revenues and 78% for net income over the last 4 years.

“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. 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.” Upson’s Chief Executive Officer and President Arlene T. Sy said. “We pride ourselves with Certifications of Authentic and Untampered Products awarded by leading suppliers of computer and IT brands.”

First Metro Investment Corporation (First Metro) was engaged by Upson as the Sole Issue Manager, Bookrunner, and Lead Underwriter for this IPO. Subject to regulatory approvals, the proposed offer period and target listing date in the main board of the PSE is September 2022.

Jose Patricio A. Dumlao, President of First Metro, expects strong interest in this IPO given Upson’s steady and consistent growth in the consumer electronics market. “Upson, which has a long-standing presence in the retail industry, has been consistently growing and performing so well in the Philippine market. With restrictions slowly easing up, Upson has been taking strategic initiatives to adapt to the constant change in behavior amongst its consumers and to ensure that they’re able to cater to more customers by providing a complete, quality, and an up-to-date suite of IT products both through their physical stores and online platforms,” Mr. Dumlao said.

Subject to regulatory approvals, execution of definitive agreements, and market conditions, Upson will be the first IT retailer in the equity market.

A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN SUBMITTED TO THE PHILIPPINES SECURITIES AND EXCHANGE COMMISSION, BUT HAS NOT YET BECOME EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR OFFERS TO BUY THEM BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT IS RENDERED EFFECTIVE. THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR BE CONSIDERED A SOLICITATION TO BUY.

NextMeet Upson’s new CEO: Arlene Louisa T. SyNext
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