The Philippines’ Biggest IPO Since 2016 Raises $523 Million
- At 16.8 pesos apiece, IPO was priced near low end of range
- Converge has been boosted by increased use amid Covid-19
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Converge Information and Communications Technology Solutions Inc. and its shareholders have raised 25.3 billion pesos ($523 million) in the biggest initial public offering in the Philippines in four years.
That’s even as the Warburg Pincus-backed broadband operator priced 1.51 billion shares at 16.8 pesos apiece, according to an exchange filing on Friday, which was near the low end of its marketed range of 16.5 pesos to 19 pesos. About 68% of the offering was made up of existing shares from Converge ICT founders and Warburg Pincus.