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Philippine tech retailer Upson files for up to $103 million IPO

·1 min read
Philippine tech retailer Upson files for up to $103 million IPO

MANILA (Reuters) - Upson International Corp (UIC), the largest retailer of personal computers and information technology products in the Philippines, said on Monday it has filed for an IPO of up to 5.4 billion pesos ($103.81 million).

UIC plans to offer up to 986.8 million shares, including an over-allotment option of up to 98.7 million shares, at a maximum price of 5.50 pesos ($0.11) each. In Philippine filings, prices of initial public offerings (IPOs) are typically set above final selling prices.

"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," UIC chief executive Arlene Sy said in a statement.

UIC, which plans to open 250 branches in the next three to five years on top of its existing 183 stores, saw sales climb 5% to 8.6 billion pesos and net income surge 95% to 403 million pesos in 2021, company data showed.

UIC has hired First Metro Investment Corp to advise on the IPO, with a target listing set for September.

($1 = 52.28 Philippine pesos)

(Reporting by Neil Jerome Morales; Editing by Ed Davies)