Converge ICT prices IPO at P16.80 per share, near bottom of guidance


Posted at Oct 09 2020 09:43 AM | Updated as of Oct 09 2020 10:58 AM

MANILA (UPDATE) - Converge ICT Solutions Inc on Friday priced its initial public offering (IPO) at P16.80 per share, near the bottom of an indicated range, in the country's second largest ever listing.

Converge, a fiber broadband services provider, is looking to sell 1.73 billion shares including an overallotment option. The offer period will run from Oct. 13 to 19.

The company on Monday set the indicative price range at 16.50 to 19 pesos. 

Its IPO will raise P29 billion ($600 million), next only to Robinsons Retail Holdings Inc's $627 million share sale in 2013.

Converge is banking on a boom in demand for fiber broadband during the coronavirus pandemic, which has forced workers and students to stay at home.

Converge has 750,000 residential customers mostly in and around the capital Manila. It lists U.S. private equity firm Warburg Pincus as a minority shareholder.