UPSON International Corp. announced that it has rescheduled its initial public offering (IPO) to the first quarter of 2023.
"Foot traffic has always been the retail business' fundamental growth driver. But despite the pandemic years of 2020 to 2021, Upson's revenue growth was driven by its market's adaptation to online education and people who work from home. Now, with the continuing ease of restrictions for the rest of the year, this gives us confidence that the pre-pandemic sales growths will continue to define the opportunities at hand," said Arlene Sy, Upson president and chief executive officer.
The company intends to offer up to 888,157,800 of its common shares, with up to 789,473,600 allotted for primary offering and up to 98,684,200 for secondary offering with an overallotment option of up to 98,684,200 option shares. Upson will use the proceeds from the IPO to expand its store network to up to 250 new stores and improve its supply chain and logistics system.
The plans of Upson to adjust the IPO timetable are aligned with the views of both their underwriters, First Metro Investment Corp. and RCBC Capital Corp.
Operational updates covering nine months, including the third-quarter financials, would enable investors to better estimate a full-year performance. Despite the delay, the company remains steadfast on their plans for their forthcoming IPO.
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"We are very encouraged by the interest and support we've received from the public with regard to our upcoming initial public offering. Because of this, we are remaining committed to deliver on our growth and expansion plans," Sy said.