SEC approves Upson International IPO

Tech retailer Upson International Corp. has secured the approval of the Securities and Exchange Commission (SEC) to proceed with its initial public offering (IPO) which will raise up to P4.34 billion.

The corporate regulator said its Commission En Banc approved Upson International’s registration statement covering 3,289,473,000 common shares in a meeting on September 1, subject to regulatory requirements.

Upson International will offer up to 789.473 million common shares at P5.50 apiece, with an additional 98.684 million common shares as an overallotment option at P5.50 apiece.

Net proceeds are estimated to reach up to P4.153 billion, which will primarily be used for the company’s network expansion, and general corporate purposes.

The latest timetable submitted to the SEC indicates that the offer will run from Monday, September 5, until Friday, September 9, with the listing on the Main Board of the PSE scheduled on September 16.

Upson tapped First Metro Investment Corp. as the issue manager and bookrunner for the transaction, with RCBC Capital Corp. as the joint lead underwriter.

The company’s portfolio includes brands Octagon Computer Superstore, Micro Valley, and Gadget King.

It ended the first quarter with 188 branches across the country, along with six warehouses in Manila, Cebu, Cagayan de Oro, and Davao City.—AOL, GMA News