Converge sets the IPO price at P16.80 / share

Converge Information and Communications Technology Solutions, Inc. (Converge) disclosed to the Philippine Stock Exchange that it has set its final initial public offering price at P16.80 per share to raise up to P29 billion.

The company had previously advanced on the schedule of its planned initial public offering while adjusting the price range to a maximum size of P32.89 billion from the original P41.55 billion.

In its previous disclosure to the PSE, the firm said: “The maximum offer price for the IPO has now been adjusted to P19.00 per common share (from the maximum of P24), taking into account the results of the market survey and the preliminary book the construction of the joint global coordinators and joint book brokers, as well as the adjustment in the size of the offering in light of the minimum requirement of public ownership. “

The offer period will be from October 12 to October 16, 2020 instead of October 13 to October 19. The target listing date is now October 26, 2020 instead of the originally disclosed listing date of October 27, 2020.

Converge offers up to 480.84 million primary shares and 1,020 million secondary shares with an overallotment option of 225.79 million shares.

Plans to use up to 90 percent of the core offering revenue to fund capital expenditures in order to accelerate the deployment of its fiber network nationwide.

Morgan Stanley Asia (Singapore) Pte. And UBS AG Singapore Branch will act as joint global coordinators and joint booking brokers for the offering, along with Credit Suisse (Singapore) Limited and Merrill Lynch (Singapore) Pte. Ltd. as joint bookmakers international.

Meanwhile, Converge selected BPI Capital Corporation as sole local coordinator and joint local underwriter and joint book broker with BDO Capital & Investment Corporation. Asia United Bank Corporation, First Metro Investment Corporation, Maybank ATR Kim Eng Capital Partners, Inc., PNB Capital and Investment Corporation and RCBC Capital Corporation will also act as participating local underwriters.