Upson International Corp (UIC), the largest retailer of personal computers and information technology products in the Philippines, has filed for an IPO of up to 5.4 billion pesos (US$103.81 million).
UIC plans to offer up to 986.8 million shares, including an over-allotment option of up to 98.7 million shares, at a maximum price of 5.50 pesos (US$0.11) each.
In the Philippines, filings, and prices of initial public offerings (IPOs) are typically set above final selling prices.
"There are rapid technological developments in computers and other IT products matched with growing market segments like educational needs and computer and IT-related jobs in all 17 regions," UIC chief executive Arlene Sy said in a statement.
UIC, which plans to open 250 branches in the next three to five years on top of its existing 183 stores, saw sales climb five percent to 8.6 billion pesos and net income surge 95 percent to 403 million pesos in 2021, company data showed.
UIC has hired First Metro Investment to advise on the IPO, with a target listing set for September.