THE Securities and Exchange Commission (SEC) on Monday, Sept. 5, 2022, announced it has given the approval for Upson International Corp.'s (Upson International) initial public offering (IPO) listing for up to P4.34 billion.

In its Sept. 1, 2022 meeting, the commission en banc resolved to render effective the registration statement of Upson International covering 3,289,473,900 common shares, subject to the company's compliance with certain remaining requirements.

Upson International will offer to the public up to 789,473,600 common shares priced at up to P5.50 per share. In addition, the offer will also include 96,684,200 secondary shares to be issued by a selling shareholder, with an additional of another 98,684,200 common shares as overallotment option.

The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE). The IPO will run from September 5 to 9, with the company's listing on the PSE scheduled for Sept. 16, 2022, according to the latest timetable submitted by the company to the SEC.

The retail company tapped First Metro Investment Corp. as the issue manager and bookrunner for the transaction, while RCBC Capital Corp. was selected as the joint lead underwriter.

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Net proceeds from the offer could reach up to P4.15 billion, which the company will use for its store network expansion and general corporate purposes. Upson International will not receive any proceeds from the sale of the secondary shares by the selling shareholder.

Upson International Inc. was founded by businessman Ricardo Lee and William Lim, and is a retailer of information technology-related merchandise, including hardware and software products.

The company operates under the brand names Octagon Computer Superstore, Micro Valley and Gadget King. As of March 31, 2022, the company had a total of 188 store branches across the country, as well as six warehouses in Manila, Cebu, Cagayan de Oro and Davao City.