THE Philippine Stock Exchange Inc. (PSE) approved the initial public offering (IPO) application of Upson International Corp. with the stock symbol: UPSON.

The company operates retail stores specializing in information technology-related software and hardware products, including consumer electronics.

Upson shares will be selling up to 789.47 million primary shares and up to 98.68 million secondary shares with an over allotment option of up to 98.68 million secondary shares. The shares will be sold at a price of up to P5.50 apiece during its March 6 to 10, 2023 offer period. The final offer price will be determined on Feb. 28, 2023 after the company conducts its book-building exercise, while its tentative listing date is on March 16, 2023.

“The PSE only has a handful of listed retail firms and Upson International Corp. will be a welcome addition to this list. Their IPO is also timely as consumer electronics is expected to remain in demand under the new normal,” said PSE president and chief executive officer Ramon Monzon.

The company will use the proceeds from the share of primary shares for store network expansion and general corporate purposes. (PR)