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MANILA – Converge ICT Solutions Inc on Friday valued its initial public offering (IPO) at P16.80 per share, near the bottom of an indicated range, in the country’s largest inaugural share sale in seven years.
Converge, a provider of fiber broadband services, is looking to sell 1.73 billion shares, including an overallotment option. The offer period will run from October 13-19.
The company set the indicative price range this Monday at 16.50 to 19 pesos.
Converge has 750,000 residential clients mainly in and around the capital Manila. It lists the US private equity firm Warburg Pincus as a minority shareholder.
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