Gadget retailer Upson International Corp. priced its initial public offering at P2.40 per share, a huge discount to the maximum indicative price of P5.50 apiece amid the volatile market conditions.
Upson chief executive Arlene Louisa Sy said in a letter to the Philippine Stock Exchange the company also reduced the number of offer shares to 625 million primary common shares, with an over-allotment option for another 62.5 million secondary common shares.
The company initially planned to sell up to 888.157 million common shares, with an over-allotment for 98.684 million shares. The reduction in offer price and number of offer shares will reduce the overall value of the IPO to P1.65 billion from P5.4 billion.
The offer period will be on March 21 to 27.