Upson International [UPSON 5.50 pre-PSE] [link] had its application to conduct an IPO approved by the SEC.
UPSON had previously shown interest in conducting an IPO in the 2nd half of 2022, but shelved plans as inflation and all of the associated problems suppressed valuations here and around the world.
UPSON is the holding company that owns and operates Octagon Computer Superstore, Micro Valley, and Gadget King.
The IPO is looking to raise P5.4 billion through the sale of 986.842 million shares, with 197 million of that being secondary shares.
UPSON is targeting an offer period between February 22 and February 28, with a listing tentatively scheduled for March 7.
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It’s hard for me to contain my disappointment in their decision to name the ticker symbol (“UPSON”) after the parent company, which nobody really knows, instead of after its nationwide computer parts superstore, Octagon, that comes into the deal with amazing name recognition across the generational divide, from my 12-year-old nephew to my 75-year-old father.
It doesn’t REALLY matter, since the name itself doesn’t change the risk/reward of the deal or the analysis of whether this deal is forward-looking and growth-oriented, or backward-looking and exit-oriented, but in a market that is increasingly interested in retail traders, it’s just an odd choice to make.
My original analysis of the deal remains the same, but I will revisit this analysis once the IPO is approved by the PSE and we have some actual dates that we can put into the market calendar with some confidence.
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