APPLICATION STATUS. At the top price, Converge ICT could still launch the country’s biggest IPO since Robinsons Retail Holdings Inc.’s public debut in 2013. Meanwhile, Finance Secretary Carlos Dominguez III, in his speech during the IPO event Monday, said Converge ICT’s decision to push through with the IPO “is a strong vote of confidence in our economy’s capacity to bounce back strongly after the difficulties wrought by the pandemic.”. Converge ICT is looking to raise P36.13 billion from the sale of up to 480.84 million primary shares and 1.02 billion secondary shares at a price of up to P24 a piece, the PSE said. Fundamental Analysis. MANILA – Listed fixed broadband provider Converge Information and Communications Technology Solutions Inc. (Converge ICT) raised about PHP29.1 billion from its initial public offering (IPO), the second largest in the local bourse, despite the pandemic. The SEC announced on Friday that it had received the registration statement of Converge ICT’s IPO of up to 1.496 billion primary and secondary common shares at a maximum offer price of P24 a share. As you all know, Converge is in the business of providing fiber internet to households. At $700 million, Converge ICT’s IPO could be the biggest ever in the Philippines, according to data compiled by Bloomberg. Initially, they priced it at a high range, at 24 pesos per share. Internet service provider Converge ICT Solutions formalizes its plan to go public by October, only the second company to pursue an initial public offering amid the pandemic. Vukovich further said company executives “believe that the Philippines is at the inflection point” and forecast to “at least triple our fiber penetration over the next five years.”. The coronavirus outbreak and a 21% decline in the country’s benchmark index this year have dampened investor sentiment. It provides fiber optic internet access to subscribers in Metro Manila and the provinces of Pampanga, Tarlac, Bulacan, Cavite, Batangas and Pangasinan. Converge ICT filed its application for an initial public offering (IPO) with the Securities and Exchange Commission (SEC). The good: It is in the sector that is in demand. MANILA/SINGAPORE (Reuters) -- Philippine fibre broadband provider Converge ICT Solutions Inc priced near the bottom of an indicated range its initial public offering (IPO… Converge Chief Operating Officer Jesus C. Romero told BusinessWorld that Converge remains … Vukovich said demand for high speed internet connection is high in the country, but there are supply issues with the Philippines having among the least reliable service in Asia. Twitter. Converge ICT Solutions Inc. (CNVRG) became the third company in the Philippines to have its Initial Public Offering (IPO) this year, following the IPO of MerryMart … Get the internet that you deserve with Converge ICT. CNVRG is a high-speed fixed broadband operator in the Philippines. LEARN MORE. A listing by the Warburg Pincus-backed company could take place as early as this year, the people said. According to its prospectus, Converge plans to offer 480.84 million shares for the primary offer and 1.024 billion shares for the secondary shares, possibly reaching P36.13 billion at a price of P24 apiece. AREA COVERAGE. se videos for the complete analysis CNVRG will raise a minimum of P25.2 billion by selling 1.5 billion shares to the public at P16.8 per share. It is considered as the only pure-play high-speed fixed broadband provider, with an exclusive focus on serving the Philippine fixed broadband market. Converge ICT’s IPO could be the biggest share sale in the country since the maiden offering of Robinsons Retail Holdings Inc., which raised P28 billion in proceeds in 2013. The SEC confirmed reports of the IPO, noting that Converge ICT may offer almost 1.5 million shares at a maximum offer price of P24 per share for a total of P35.9 billion. 1. Converge Information and Communications Technology Solutions Inc., a company led by Pampanga businessman Dennis Anthony H. Uy, has reduced the price of its initial public offering (IPO… The Securities and Exchange Commission said Friday that it received the prospectus for Converge's IPO plan, which is scheduled in October. Update: As of October 7, 2020, Converge ICT (FIBER) announced that they are lowering their IPO price to P19 per share. PLDT, Globe expand fiber investments as Converge ICT seeks market dominance Converge ICT intros ‘Time Of Day’ fiber offering for homes PSE approves Converge ICT’s P41.55-billion IPO Converge ICT held the second initial public offering (IPO) in the country amid the coronavirus disease 2019 (Covid-19) pandemic. Filipino fibre broadband provider Converge ICT Solutions has filed for an IPO of up to 35.92 billion pesos ($725 million) on the country’s stock exchange. FIBER FOR YOUR HOME. Now, more than ever, we have become heavily reliant on fast and dependable internet services,” he said. Dennis Anthony H. Uy, Founder and Chief Executive Officer of Converge ICT, said, “We celebrate our successful IPO today as a significant milestone for the company and as evidence of our strong operational and technological capabilities. VIEW PLANS. Broadband services provider 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. Converge ICT IPO Review Internet services provider (ISP) Converge ICT Solutions filed for P35.92-billion IPO with the Securities and Exchange Commission (SEC) on Friday, July 3, 2020. “The primary proceeds raised from this IPO would help us accelerate our growth plans, allowing us to remain at the forefront of capturing this massive market opportunity,” he added. The Philippine Stock Exchange (PSE) has given the go-ahead for Converge ICT Solutions Inc. to proceed with its P41.55-billion initial public offering (IPO) later this month. July 2, 2020 Converge ICT, one of the Internet Service Providers (ISPs) in the Philippines, is working to raise PHP 35 billion for its domestic initial public offering (IPO). Converge (CNVRG) IPO. “This supply-demand mismatch presents us with a massive opportunity and several years of runway for continued growth,” he said. Converge ICT sets final IPO price at P16.80 Converge ICT Solutions Inc. on Friday set its final initial public offering (IPO) price at P16.80 a share, lower than the initially indicated P24 and the revised P19. The internet provider, which is banking on continued higher demand for online services as people study and work at home during the pandemic, has set the sale price at 16.50 to 19 pesos ($0.3406 to $0.3922) per share, sources with direct knowledge of the issue said. October 26, 2020, 6:11 pm, INITIAL PUBLIC OFFERING. Converge ICT targets Philippines biggest IPO amid regional market revival Back to video. The Southeast Asian nation hosted only one IPO so far this year, grocer MerryMart Consumer Corp., which raised about $31.5 million in May.