Converge ICT to go public on October 26, will sell 480.83 million shares as primary offering

Philippine Stock Exchange approves Converge’s P41.55B IPO; company to proceed with its planned October 26 listing date. 

The telecom firm led by Pampanga businessman Dennis Anthony H. Uy (as distinguished from Davao’s Dennis Uy), will sell some 480.83 million as its primary offering, 1.02 billion shares for secondary offering and 225.79 million shares as its overallotment at a maximum price of P24 apiece.

Its shares will be listed at the main board of the Philippine Stock Exchange.

From the primary offer, Converge expects to raise about P11.07 billion.

Approximately 90 percent of the net proceeds will be used to fund capital expenditures for the purpose of accelerating its nationwide fiber network rollout.

Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners for the offer, together with Credit Suisse (Singapore) Ltd. and Merrill Lynch (Singapore) Pte. Ltd. as international joint bookrunners.

BPI Capital Corp. was its sole local coordinator and joint local underwriter and joint bookrunner with BDO Capital and Investment Corp.

Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners Inc., PNB Capital and Investment Corp. and RCBC Capital Corp. were also tapped as local participating underwriters.

Source: Peso Economics