initial public offerings

Upson International files for IPO, first IT retailer in equity market

Ralf Rivas
Upson International files for IPO, first IT retailer in equity market

Octagon Computer Superstore

Upson International Corporation, which owns Octagon Computer Superstore, Micro Valley, and Gadget King, is seeking to raise P4.88 billion to build more outlets

MANILA, Philippines – Personal computer and tech products retailer Upson International Corporation (UIC) is raising funds for expansion through an initial public offering (IPO).

UIC on Monday, May 23, said it plans to offer 888.15 million common shares, comprised of up to 789.47 million primary shares and up to 98.68 million secondary shares. 

The maximum gross proceeds from the offer are expected to reach P4.88 billion, to be used to fund store network expansion and general corporate purposes.

UIC is the operator of Octagon Computer Superstore, Micro Valley, and Gadget King.

The proposed offer period and target listing date on the main board of the Philippine Stock Exchange are in September.

UIC chief executive officer and president Arlene Sy said they plan to open 250 branches over the next three to five years to add to their existing 183 branches.

The company’s revenues grew 5% to P8.5 billion in 2021, while net income surged 95% to P403.6 million. UIC said the figures represent a compounded annual growth rate of 8% for revenues and 78% for net income over the last four 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,” Sy said.

First Metro Investment Corporation was engaged as the sole issue manager, bookrunner, and lead underwriter for the IPO. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.