Upson International Corp, the largest tech retailer in the Philippines, announced on Monday that it has filed for an initial public offering to raise up to Php4.88 billion for expanding its retail base.

With target listing on the Philippine Stock Exchange set for September, UIC is planning to offer up to 888.15 million common shares at up to Php5.50 per share.

Proceeds from the shares would be primarily used for store network expansion, with the retailer planning to open 250 new branches within the next three to five years on top of its current 183 stores under different brands: Gadget King, Micro Valley, and Octagon Computer Superstore.

UIC cites rapid technological developments and growing markets in the IT industry that spurred it to seek aggressive expansion of its retail network.

In 2021, the company saw revenues grow by 5 percent to Php8.5 billion, with net income soaring from Php206.7 million to Php403.6 million, a 95 percent year-on-year increase.

Source: Channel News Asia

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