Converge ICT Solutions Inc. has cut down the maximum price for its planned initial public offering (IPO) to P19 apiece, with the company now aiming to raise as much as P32.87 billion.
In its updated prospectus, Converge ICT said it plans to offer up to 1.505 billion common shares with an overallotment option of up to 225.791 million common shares.
The latest sale price has been set at P19 per share, lower than the earlier announced maximum of P24 apiece.
The final offer price for the IPO will be determined by Friday, October 9, 2020, with the offer period scheduled at October 13 to 19, 2020.
"The factors considered in determining the Offer Price were, among others, our ability to generate and grow our earnings and cash flows, our short and long-term prospects, the level of demand from institutional investors, overall market conditions at the time of launch of the Offer, and the market valuation of comparable listed companies," the company said.
The maiden offering has already secured the go-ahead from both the Philippine Stock Exchange and the Securities and Exchange Commission.
About 90% of the net proceeds will be used to finance capital expenditures, mainly for the acceleration of the company's nationwide fiber network.
The company earlier said it plans to spend as much as P33 billion for 2020 and 2021, primarily for its backbone expansion.
Converge has tapped Morgan Stanley Asia (Singapore) Pte. and UBS AG Singapore Branch will serve as joint global coordinators and joint bookrunners for the offer.
Credit Suisse (Singapore) Limited and Merrill Lynch (Singapore) Pte. Ltd. as international joint bookrunners, with BPI Capital Corp. as sole local coordinator and joint local underwriter and joint bookrunner, along with BDO Capital & Investment Corp.
Converge also booked Asia United Bank Corp., First Metro Investment Corp., Maybank ATR Kim Eng Capital Partners Inc., PNB Capital and Investment Corp., and RCBC Capital Corp. as local participating underwriters.—By JON VIKTOR D. CABUENAS, GMA News
Source: Peso Economics
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