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MANILA, Philippines – Computer and gadget retailer Upson International’s stock price closed 20.8% higher during its debut on the local bourse on Monday, April 3.
Upson, which raised P1.65 billion via its initial public offering (IPO), even saw a 37.5% jump during intraday trading and was the second top gainer. Total value of trades reached P47.8 million.
Philippine Stock Exchange (PSE) president and chief executive officer Ramon Monzon lauded Upson’s decision to push through with its stock market debut even if the IPO’s final price was not its target price.
“Still, they went ahead with their IPO because they realize that the IPO price is not the be-all and end-all of their IPO journey. It is just the beginning. And like many other companies that did an IPO, the owners are confident that their company’s value will likewise grow significantly after its IPO,” Monzon said.
Upson had announced its plans to go public in May 2022, but only pushed through with the IPO in 2023. It eventually slashed its IPO by 70% from P5.4 billion to P1.65 billion.
The company’s debut came as investors remained bearish amid inflation breaching targets and interest rates rising.
Upson president and CEO Arlene Sy earlier said the company saw a “healthy participation” of institutional foreign investors during its IPO.
The company plans to open 250 stores from 2023 to 2027, equivalent to 25,000 square meters of retail space. Upson retails under the brand names Octagon Computer Superstore, Micro Valley, Gadget King, and Octagon Mobile.
Meanwhile, the PSE index inched up 0.47% on Monday, while the broader all shares closed flat at 0.14%. – Rappler.com