April Lee Tan, research head at COL Financial, said in a text message: “The story of Converge is good. At P16.8, it's less expensive so hopefully there will be more demand.”
Converge ICT Solutions Inc. on Friday set a cheaper price for its maiden share sale, setting the stage for the country’s second biggest stock market debut.
In a letter to the stock exchange, the company of Pampanga-based businessman Dennis H. Uy would sell shares at P16.8 apiece during its initial public offering (IPO) set between October 12 and 16. The target official listing is on October 26.
RELATED STORY: High demand seen as Converge lowers IPO price to P16.8 per share
Set lower than original indicative price of P24 each and then later on at P19, Converge shares are expected to attract healthy demand from investors believing the internet provider is among the few firms benefiting from a pandemic-induced rise of work from home arrangements.
Source: Peso Economics
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