Gadget retailer behind Octagon files for P4.9 billion initial public offering

ABS-CBN News

Posted at May 23 2022 06:35 PM

MANILA - Gadget retailer Upson International Corp (UIC) has filed for an initial public offering with the Securities and Exchange Commission, the company said on Monday. 

The IPO application, which was filed on May 17, seeks to offer up to 888,157,800 common shares and raise up to P4.88 billion. 

“The resulting net proceeds will be used for store network expansion and general corporate purposes,” Upson said. 

UIC offers operates the retail outlet brands Octagon Computer Superstore, Micro Valley, and Gadget King. 

The company said that despite the pandemic, its revenues grew 5 percent to P8.57 billion in 2021 from P8.15 billion in 2020. Net income likewise increased by 95 percent to P403.6 million in 2021 from P206.7 million in 2020, UIC said. 

“We plan to open 250 branches over the next 3 to 5 years to add to our existing 183 branches as of 2021,” said company CEO and President Arlene Sy. 

The company said its target listing date on the main board of the PSE is September 2022.

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