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Philippine Stock Exchange Exchange in Bonifacio Global City.
Photographer: Carlo Gabuco / Bloomberg
Photographer: Carlo Gabuco / Bloomberg
Converge Information and Communications Technology Solutions Inc., a high-speed fixed broadband operator in the Philippines, fell below its initial public offering price of 25.3 billion pesos ($ 523 million) on its first day of operations. .
The stock opened at 16.78 pesos, lower than its offer price of 16.8 pesos, and fell to 15.70 pesos at 9:45 am in Manila.
The Warburg-backed broadband operator Pincus and its shareholder sold 1.51 billion shares, 68% of which are owned by Converge shareholders, including its founder Dennis Anthony Uy and the investment bank. Including 225.8 million over-allotted shares, the sale raised 29,080 million pesos.
Converge, which gets 32% of the revenue from the base offering, will use the money to roll out its fiber network across the country, expanding its operations that are currently concentrated on the main island of Luzon, including the capital Manila.
