Broadband firm’s IPO secures PSE go signal FULL STORY
FIBER INTERNET provider Converge ICT Solutions, Inc. has secured the go signal from the Philippine Stock Exchange, Inc. (PSE) for its initial public offering (IPO) that could raise up to P41.55 billion this month.
In a notice on its website on Thursday, the bourse operator said it approved the application of Converge to list its shares on the PSE main board, with its offer period scheduled from Oct. 13 to 19.
The company aims to offer up to 1.73 billion shares, composed of 480.84 million shares for the primary offering, 1.02 billion shares for the secondary offering and
225.79 million shares for the over- allotment option.
Converge may price the shares at a maximum of P24 each, but the price setting date will be on Oct. 9. Target listing date is on Oct. 27.
Converge’s planned IPO is poised to be the Philippines’ biggest IPO to date.
Once listed, the company may have a market capitalization of up to P180.63 billion and a public float of about 23%.
“We are glad that Converge chose to tap the equities market to raise funds for its capital expenditures… We are looking forward to the company’s market debut especially as demand for internet connection is expected to remain robust,” PSE President and CEO Ramon S. Monzon said in a statement.
Converge’s IPO would only be the second for 2020, following a year of extreme volatility due to the coronavirus pandemic. Grocery operator MerryMart Consumer Corp. listed its shares in June.