Upson International Corp. looks to raise as much as P1.65 billion from its initial public offering (IPO) set to start today.
The company is pricing its shares at P2.40 apiece in a share sale that involves 625 million primary shares and another 62.5 million secondary shares covering the greenshoe option.
Earlier, Upson was looking to offer 784.47 million primary shares and 98.68 million secondary shares for the primary offer, and another 98.68 million secondary shares covering the overallotment option.
The proceeds will be used to fund the expansion of its store network and for other general corporate purposes.
Upson plans to open 250 new stores or an additional 25,000 square meters of retail space from 2023 to 2027, with majority of the store openings planned for the next three years or until 2025.
The expansion includes adding warehouses and distribution facilities strategically located in nine other areas nationwide.
Upson operates a nationwide retail network of 200 stores as of Sept. 30, 2022.– Ruelle Castro
