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Upson Files For An IPO, Estimated To Reach $103 Million

Arlene Sy, the Chief Executive Officer and President of Upson International revealed their plan to open more than 250 outlets within the next 5 years.

Upson Files For An IPO, Estimated To Reach $103 Million

The largest manufacturer of Personal computers and retailers of tech products, Upson International Corporation (UIC) is planning to raise 5.4 billion pesos ($103.81 million) for growth by way of an Initial Public Offering (IPO)

UIC in a statement said that it was planning to table 986.8 million common shares, which consists of 789.47 million primary shares and the secondary shares running up to 96.68 million. The maximum price of the traded shares is 5.50 pesos ($0.11) each. Initial Public Offerings in the Philippines are fixed based on the concluded selling price. 

Experts predict the total proceeds from the Initial Public Offering to touch 4.88 billion pesos, which will be used to expand the network of the company and for other related matters. 

UIC operates Gadget King, Micro Vally, and Octagon Computer Superstore. The national stock exchange of the Philippines will list the entity on the mainboard in September, which is also the period for the offer. 

Arlene Sy, the Chief Executive Officer and President of UIC revealed their plan to open more than 250 outlets within the next 5 years. The company already has 183 branches. 

The company is witnessing a period of insane growth, which can be seen in the 5% rise in 2021 revenues which took it to 8.5 billion pesos. The net income also witnessed a boom, a 95% increase to 403.6 million pesos. 

According to Sy, rapid technological growth along with the growing need for IT products is the main reason for this expansion. 

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