MANILA - Broadband services provider Converge ICT is eyeing to raise $700 million or about P35 billion for its planned initial public offering (IPO), according to a Bloomberg report confirmed separately by ABS-CBN News on Thursday.

The fiber optic broadband services provider is targeting the third quarter this year for its IPO, said a source familiar with the deal.

Converge ICT operates mainly in the island of Luzon covering 2 million households. It is constructing a $1.8 billion nationwide internet backbone supported by a $250 million investment from US-based private equity firm Warburg Pincus.

Converge ICT earlier backed out of the third telco bid citing “commercially unviable” conditions.

• Converge ICT earmarks P12.8 billion for nationwide expansion
• Converge ICT backs out of third telco bid