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Upson in the news

Home News & Stories Upson secures SEC approval

Upson secures SEC approval

  • September 5, 2022

Upson International Corp. (Upson), the country’s largest retailer of information technology products, has secured the pre-effective clearance from the Securities and Exchange Commission (SEC) to launch its initial public offering (IPO).

The SEC approved Upson’s offer and sale of up to 888,157,800 common shares, comprised of up to 789,473,600 primary shares, and up to 98,684,200 secondary shares with an over-allotment option of up to 98,684,200  secondary shares.  The Company expects to list the shares on October 14, 2022, with the public offer running from October 3 to 7, 2022.

“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 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,” Upson CEO and President Arlene Sy said.

First Metro Investment Corporation (“First Metro”) was engaged by Upson to act as the Issue Manager and Bookrunner for this IPO.  First Metro and RCBC Capital Corporation will be the Joint Lead Underwriters for this transaction.

The shares will be offered at a maximum offer price of ₱5.50 each, which can raise up to ₱4.88 billion for Upson, or ₱5.43billion, assuming the overallotment option is fully exercised.  After the IPO, the public will own 27% of the outstanding common shares of the Company or 30% should the over-allotment be exercised.

Upson plans to use its proceeds to expand its store network and open 250 branches or an additional retail space of 25,000 sq.m., from 2022 to 2026. It will prioritize areas with the highest return potential and those where tech products are not readily available.

The company has a well-established presence in the IT retail industry for almost three decades. Upson currently has 13,000 IT products and endeavors to continuously offer a broad assortment of original and untampered IT products and gadgets which suit the various needs of its customers.

“As the first IT retailer company to go public, we aspire to greatly contribute to the country’s technological journey and development. 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,” Sy concluded.

A copy of the draft preliminary offering circular on the Offer is available at https://www.upson.com.ph/investor-relations/prospectus/

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