21 Sep Upson delays IPO to 2023
TECH retailer Upson International Corp. will defer its initial public offering (IPO) to the first quarter of 2023.
In a media release, the company said that its plan to adjust its IPO timetable is aligned with the views of its underwriters First Metro Investment Corp. and RCBC Capital Corp.
It said operational updates covering nine months, including the third quarter financial results, “would enable investors to better estimate a full-year performance.”
Upson’s initial target listing date was on Oct. 14, with the public offer set from Oct. 3 to 7.
The company will offer 888,157,800 common shares at P5.50 apiece. This includes 789,473,600 allotted for the primary offering, and up to 98,684,200 for the secondary offering, with 98,684,200 as an over-allotment option.
Upson intends to raise up to P4.34 billion from its initial offering. It said net proceeds from the IPO will be used to expand its store network and improve its supply chain and logistics.
“The ‘return to normal’ or the rest of the year gives us confidence that the pre-pandemic sales growths will continue to define the opportunities at hand,” Upson Chief Executive Officer and President Arlene T. Sy said in a statement.
Upson offers its retail products through its stores Octagon Computer Superstore, Micro Valley, and Gadget King.
The company said its updated prospectus after the adjusted IPO timetable will highlight its market performance for the third quarter of 2022.
Upson said it also intends to open 250 stores from 2022 to 2026. — Ashley Erika O. Jose