(FROM left): UPSON Founder and Director William Lim, UPSON former COO Catherine M. Lee, UPSON Founder and Director Ricardo A. Lee, UPSON President and CEO Arlene Louisa T. Sy, UPSON Chairman Lawrence O. Lee, PSE President and CEO Ramon S. Monzon, PSE COO Atty. Roel A. Refran, PSE Issuer Regulation Division Head Atty. Marigel M. Baniqued-Garcia, PSE Capital Market Division Head Mark Frederick V. Visda, and Securities Clearing Corp. of the Philippines COO Renee D. Rubio.

UPSON International Corp. saw its share price jump by 20.8% on its market debut on Monday, closing at P2.90 per share from its initial public offering (IPO) price of P2.40 each.

鈥淧rice action moved swiftly higher in the last hour of trading, with trading volumes picking up after lackluster trading earlier in the day,鈥 China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in a Viber message.

On its maiden listing on the main board of the Philippine Stock Exchange, the company 鈥 under the ticker symbol UPSON 鈥 hit a high of P3.30 per share.

The information technology retailer offered about 625 million common shares with an over-allotment option of 62.5 million common shares.

Mr. Mercado said the company鈥檚 value turnover for the day amounted to P47.8 million, which was below the average of P300 million reported by non-real estate investment trust IPOs in the last 12 months.

He said that while Monday鈥檚 price action may reflect investors鈥 optimism on Upson鈥檚 growth prospects, 鈥渢he relatively low value turnover points to possible selling pressure in the coming days as investors could look to secure gains.鈥

Mr. Mercado said the possible outcome is 鈥渁gainst a backdrop of continuing broad market weakness.鈥

Meanwhile, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message that investors would be banking on the company鈥檚 store expansion plans.

Upson said in its final prospectus that it will use proceeds from the IPO to open 250 stores from 2023 to 2027, or an additional retail space of 25,000 square meters.

For the year, the company plans to open 50 stores within the National Capital Region and key cities of the country. It has about 200 stores nationwide as of September 2022.

鈥淲e are the digital partner of choice in the Philippines with over 200 stores in the broadest range of information technology products,鈥 Upson President and Chief Executive Officer (CEO) Arlene Louisa T. Sy during the company鈥檚 listing ceremony.

鈥淲e are a partner to the Filipino consumer, and we are a partner to the world鈥檚 biggest brands looking to expand in this market,鈥 Ms. Sy added. 鈥 Adrian H. Halili

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