Upson International Corp., a leading retailer of personal computers and information technology products, delayed its planned P5.4-billion initial public offering to the first quarter of 2023.
Upson did not provide a reason for the new schedule, but market conditions this year were volatile on inflation and interest rate concerns.
Upson said in a statement Wednesday it remained committed with its IPO. “We are encouraged by the interest and support we’ve received from the public with regard to our upcoming initial public offering. We remain committed to deliver on our growth and expansion plans,” Upson president and chief executive Arlene Sy said.
Upson, which offers its retail products through stores like Octagon Computer Superstore, Micro Valley and Gadget King, initially planned to conduct the IPO in October. Under the plan, Upson will sell up to 888.157 million common shares, with an over-allotment option for another 98,684 million shares at P5.50 apiece.
The company plans to use the proceeds from the IPO to expand its store network and improve its supply chain and logistics.
