Converge plans $700-M IPO

Converge ICT Solutions, Inc., a fiber optic broadband services provider in the Philippines, has selected banks for its planned domestic initial public offering (IPO) that could raise about $700 million, according to people familiar with the matter. Bank of the Philippine Islands, BDO Unibank, Inc., Morgan Stanley and UBS Group AG are working with Converge ICT on the share sale, said the people, who asked not to be named as the information is private. A listing by the Warburg Pincusbacked company could take place as early as this year, the people said. At $700 million, Converge ICT’s IPO could be the biggest ever in the Philippines, according to data compiled by Bloomberg. (Bloomberg)