MANILA - Upson International Corp said it listed on the Philippine Stock Exchange on April 3, following an initial public offering (IPO) that raised P1.65 billion.
The country's largest retailer of personal computers and other IT products offered 625 million primary common shares, with an over-allotment option of up to 62.5 million shares for P2.40 per share, it said in a disclosure to the stock exchange.
"We are happy to note that we had a healthy participation of institutional investors, with a significant majority of investors from foreign funds which is a strong testament to their confidence in our company, the retail sector and the Philippines at large," Upson President and CEO Arlene Sy said.
Upson said it plans to use the proceeds to fund committed store network expansion by opening 250 stores from 2023 to 2027.
For 2023, the company said it plans to open 50 stores nationwide.