Company News

Philippines' Converge targets country's biggest IPO after narrowing price

MANILA, Oct 5 (Reuters) - Philippines’ Converge ICT Solutions Inc has narrowed the selling price for its market debut, with the fibre broadband services provider on course for the country’s largest initial public offering (IPO) if it meets the top end of the price range.

Converge would sell its shares at 16.50 to 19 pesos ($0.3406 to $0.3922) each, sources with direct knowledge of the issue said on Monday.

At the upper end, it could raise as much as $680 million, they said.

Converge did not immediately respond to a request for comment. ($1 = 48.4450 Philippine pesos) (Reporting by Anshuman Daga in Singapore and Neil Jerome Morales in Manila Editing by Ed Davies)