Personal computers and IT-related merchandise retailer Upson International Corp. said it is moving its initial public offering (IPO) plans to the first quarter of next year.
The company, which offers its retail products through its stores Octagon Computer Superstore, Micro Valley and Gadget King, was earlier looking at an IPO by October. It plans to sell 986.83 million shares at an offer price of up to P5.50 per share.
The shares to be sold are divided into a firm tranche of 888.16 million shares, divided into 789.47 million primary shares and 98.68 million secondary shares, while the company’s owners have allocated another 98.68 million secondary shares to cover the overallotment option.
Of the proceeds, P4.34 billion will accrue to Upson which it will use to expand its store network. – Ruelle Castro
