Converge ICT says 9-month revenue growth up 67 pct following stock exchange debut


Posted at Oct 30 2020 11:13 AM

MANILA - Converge Information and Communications Technology Solutions Inc on Friday reported a 67 percent revenue growth for the first 9 months of the year following its initial public offering.

Its subscriber base also doubled to 900,531 in September 2020 from 454,438 in September 2019, Converge told the stock exchange. 

With its "record pace" rollout, it is on track to achieve its goal of reaching at least 55 percent of total households in the country, Converge said. 

In the third quarter, it deployed an additional 490,000 FTTH ports, it said. As of Sept. 30, it has 3 million ports, passing 5.1 million homes, equivalent to 36 percent of households in Luzon and 21 percent of households nationwide, the fixed broadband provider said.

The company sold 1.73 billion shares at P16.80 apiece in what was known as the country's second-largest IPO.

-- with a report from Reuters