Converge ICT seeks P35.9 billion IPO: SEC

ABS-CBN News

Posted at Jul 03 2020 04:35 PM | Updated as of Jul 03 2020 10:20 PM

MANILA (UPDATE) -- Broadband services provider Converge ICT Solutions Inc has filed for its planned stock market debut which seeks to raise up to P35.9 billion, the Securities and Exchange Commission (SEC) said on Friday.

Converge ICT Solutions aims to offer up to 1,496,489,765 shares at a maximum price of P24 per share or a total of P35.9 billion, based on its prospectus filing with the corporate watchdog.

"The planned IPO would facilitate the listing of the fiber internet and other consumer-centric digital services provider on the Main Board of the Philippine Stock Exchange," the SEC said.

The fiber optic broadband services provider plans to list at the Philippine Stock Exchange (PSE) on October 26 this year.

Morgan Stanley Asia Pte and UBS AG in Singapore are the joint global underwriters and bookrunners while BPI Capital and BDO Capital are the local underwriters, the firm said.

Converge ICT, which earlier  backed out from the third telco bid, operates mainly in the island of Luzon covering 2 million households. 

--with a report from Reuters